Posted 4 months ago | by @devadmin
Citi Bank has released a report discussing the current and potential future state of , stating the cryptocurrency is the “North Star” of innovation.
The report makes numerous claims about Bitcoin’s potential for the future. One of the most notable conclusions in the report is that due to an increasing number of businesses accepting Bitcoin the number one digital asset is cracking the mainstream barrier. The report further states that Bitcoin’s core market this time is considerably different from 2017 when Bitcoin was trading practically only as a retail asset, expressing that it’s now being embraced by institutions.
The report additionally implied that Bitcoin may become the currency of choice for international trade in the coming years. The report denotes due to the cryptocurrency’s borderless nature, and lack of foreign exchange exposure as key features that could drive its usage towards this use case.
However, the most essential key that influences whether Bitcoin becomes an international trade instrument is perception. According to the report, Bitcoin’s perspicacity shifted from its technology to a focus on the cryptocurrency’s ability to be censorship-resistant, and finally to its unmatched scarcity. In the future, the center view may change to Bitcoin’s “globality” and value exchange networks, which, according to the Citi Bank is when Bitcoin could be regarded as a facilitator of global trade.
“Bitcoin is becoming the de facto ‘North Star’ of the digital asset space, with its trajectory being seen as a compass for the evolution of the broader ecosystem,” the report stated.
Bitboy Crypto has previously reported that Citi Bank has stated that it’s working with governments worldwide on developing fiat Central Bank Digital Currencies (CBDCs.)
Citi Bank isn’t the only bank discussing Central Bank Digital Currencies. Earlier this year, Wells Fargo announced its interest in digital currencies with a report entitled: “Let’s Get Digital: A Briefing on Central Bank Digital Currencies.”
Last year, Wells Fargo announced that it would pilot its own digital currency powered by blockchain to help move cash across borders and between branches in real-time.
In 2016, more than 100 executives from some of the world’s largest financial institutions including Nasdaq, Citigroup Inc., Visa Inc., Fidelity, Fiserv Inc., Pfizer Inc. and others, gathered for a private meeting at the Times Square office at the Nasdaq. It was during this meeting that the executives tested digital cash and settlements. Four years later, about on track with the amount of time it takes to observe new innovations and develop technology, we are seeing many of these major companies jumping into blockchain and cryptocurrency.
Citi Bank executive previously stated in a leaked report titled: “Bitcoin: 21st Century Gold” that he believes BTC could reach as high as $300K by next December, potentially defying its cycle, as Bitboy Crypto reported.
Now we have Citi Bank itself embracing Bitcoin expressing that it could be used as the currency for international trade. That’s some of the most bullish news we have heard since Paypal entering the space, and Square and Microstrategy investing in Bitcoin. The old guard which once rejected Bitcoin is now seeing how the technology can revolutionize our world.
Watch Ben of Bitboy Crypto explain in the live stream below what that truly means for the entire crypto industry and the Bitcoin maxis especially.
Bitcoin is currently trading at [FIAT:$49,678.17] UP +9.1% in the last 24 hours according to Coingecko at the time of this report.