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Citigroup Says Bitcoin Could Be At The Verge Of a “Massive Transformation Of Cryptocurrency Into The Mainstream.”

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In a recently-released report, investment banking company Citigroup said Bitcoin could be on the verge of going mainstream. Specifically, the fourth-largest US-based bank by assets said that Bitcoin is positioned where it “could be at the start of a massive transformation of cryptocurrency into the mainstream.”

In the report, Citigroup’s Global Perspectives & Solutions division postulated that Bitcoin plays a significant role in global payments. According to Citigroup researchers, Bitcoin is positioned to be the most preferred currency for global transactions. The researchers noted some of the token’s features, which provide an advantage in global trade. Some of the features include its decentralization as well as its deflationary and secured nature. In the report, Citigroup explained:

“It is immune from both fiscal and monetary policy, avoids the need for cross-border foreign exchange (FX) transactions, enables near instantaneous payments, and eliminates concerns about defaults or cancellations as the coins must be in the payer’s wallet before the transaction is initiated.”

Noting further, Citigroup said that the increasing use of Bitcoin in both developed and developing countries presents the king coin as a store of value. The financial institution also noted the heavy acquisition among institutions that view the digital asset as digital gold. Recently, Citibank released a report with a similar view on Bitcoin.

Bitcoin has rebounded to $50,000 after correcting over the past week. With a market capitalization of over $958 billion, BTC is currently up 4.74% $51,996.82.

Image Credits: Pixabay

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 3/3/2021

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