Citi: Bitcoin at turning point
Citi: Bitcoin at turning point. Citigroup said in a report that the cryptocurrency would either become the currency of choice for international trade or suffer “speculative internal destruction.”
Bitcoin is on a critical threshold, Citi analysts said, adding that the cryptocurrency will either become the currency of choice for international trade or experience “speculative internal destruction.” According to a research report released by Citi, bitcoin may be at the beginning of a major transformation on the way to evolution into the mainstream, with the recent confirmatory steps of Tesla Inc and Mastercard.
Announcing plans to allow cardholders to trade in certain cryptocurrencies, Mastercard is also working with central banks around the world on the creation of new digital currencies.
More investors and control needed
In recent years, institutional investors have begun to participate in the cryptocurrency market, where individual investors have invested heavily for most of the last decade. According to Citi, if businesses and individual investors can access the digital cash planned by the central bank or “stablecoin” with their digital wallets, bitcoin’s Global Access Network, traceability and potential for rapid payments can make it a choice in international trade.
Citi is moving to the bitcoin market to convert bitcoin to the actual currency position where the dollar is today in global trade..
he said the involvement of more institutional investors and tighter control of bitcoin by financial authorities should be ensured.
Risks in bitcoin Musk and Nakamoto
In line with the thesis that bitcoin would protect against inflation, the cryptocurrency recently rose to a record high of $ 58,354 and a market value of 1 trillion. But bitcoin had fallen by more than $ 11,000 in the past week after raising questions about the sustainability of such high prices.
Coinbase, which describes Tesla boss Elon Musk’s statements as a risk to the cryptocurrency market, also sees Bitcoin’s mysterious creator, Satoshi Nakamoto, as an element of risk.
Microsoft’s boss, Bill Gates, warned investors in his assessment of cryptocurrencies. “If you’re not the richest person in the world, you shouldn’t buy Bitcoin,” Gates said, referring to Elon Musk’s Bitcoin Investment.