Robert Kiyosaki Goes Back To Loving Bitcoin, Thanks To Fear Of CBDCs: 'Big Brother Will Be Watching'

Robert Kiyosaki, the author of “Rich Dad Poor Dad,” on Thursday tweeted about the future of Bitcoin BTC/USD in light of the potential introduction of a Central Bank Digital Currency (CBDC). 

What Happened: Kiyosaki raised concerns about the erosion of privacy and the increasing surveillance associated with CBDCs, suggesting that traditional assets such as gold, silver, Bitcoin, and cash could become invaluable in an era dominated by central bank digital currencies. 

"FED CBDC coming. Privacy gone. Big Brother will be watching. When CBDC enters [the] market Gold, Silver, Bitcoin & Cash will become priceless. Start saving GSBC & cash now before it's too late," Kiyosaki said.

Last week, Kiyosaki on X, formerly known as Twitter, posed the question, “Bye bye BC [Bitcoin] & US $?." Kiyosaki’s remarks were spurred by Citibank’s announcement regarding the implementation of blockchain technology to transform institutional savings into Citibank tokens, enabling instant 24/7 cross-border transactions. 

CBDCs would be government-issued and backed, aiming to provide widespread access to digital forms of currency for the general public. 

The Federal Reserve acknowledges the potential advantages of CBDCs, including convenient electronic access to central bank money for US citizens, facilitating faster and cheaper transactions, and enhancing consumer accessibility to the financial system. However, concrete plans for the implementation of a CBDC in the United States are yet to be unveiled.

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Why It Matters: On the political front, Representative Tom Emmer (R-MN.) in September reintroduced a bill aimed at preventing the development and establishment of a CBDC by the Fed and the Biden administration. Emmer fears that a CBDC could undermine the fundamental principles of financial privacy and the American way of life. 

In a press conference on September 13, Emmer said, “The administration has made it clear: President Biden is willing to compromise the American people's right to financial privacy for a surveillance-style CBDC.”

Florida Governor Ron DeSantis, potentially a rival to Donald Trump for the Republican nomination, has proposed a ban on CBDCs in his state and urged other states to follow suit. Meanwhile, on the Democratic side, Robert F. Kennedy Jr. has voiced concerns about CBDCs and the upcoming FedNow payment system, perceiving them as a potential threat to individuals’ financial data privacy.

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