Robert Kiyosaki has revealed his interest in acquiring more Bitcoin. The author of bestseller Rich Dad Poor Dad tweeted Wednesday morning that he would purchase Bitcoin rather than digital yuan, a CBDC form of Bitcoin that was put out for testing by the People’s Bank of China on Tuesday after years of growth.
Kiyosaki is the founder of Rich Global LLC and the Rich Dad Company, a professional financial management company offering books and videos on financial literacy and business. He had previously forecasted that the price of Bitcoin would rise to $75,000 in three years. The US Federal Reserve and other central banking institutions were propping up money printing to shore up markets crippled by coronavirus-induced lockdowns, which led to Kiyosaki’s interest in Bitcoin early in 2020. He also mentioned on his radio show that It’s crucial to understand the crypto world, particularly for old guys like himself, because that’s the realm that’s emerging into view right now, and the real estate and gold investors are being phased out.
A Quest for Virtual Influence
The digital yuan is a central bank digital currency (CBDC) with the primary goal of placing a monetary system on a private blockchain ledger. In contrast, Blockchain is a public cryptocurrency. The target has drifted to virtual control over people’s financial lives since China’s entry into the CBDC space. A Wall Street trader told the Financial Times that he is concerned that President Xi Jinping’s totalitarian government will use the digital yuan or digital renminbi to govern ordinary people’s finances, as it already does with its strict internet policing.
Individuals are opting for Bitcoin due to these concerns alone. While every transaction on the Bitcoin blockchain can be traced, its supporters prefer to use cryptic letters and numbers signatures, building a small measure of defence against bureaucratic governing bodies. Cryptocurrencies like Bitcoin are apparently being regarded as a potential threat to state authorities; hence, the sudden rush in the development of central bank digital currency worldwide.
Despite concerns about its effects on the environment, Bitcoin appears to be the first choice to many in comparison to the digital yuan. Kevin O’Leary, a Shark Tank stakeholder and tech investor, said during an interview with CNBC that he would rather opt for Bitcoin than China’s blood money, addressing carbon hazards connected with the digital currency mining technique.