June 21, 2021

Bitcoin is at a ‘tipping point’ in international trade, Citi says

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The world’s largest cryptocurrency, Bitcoin (BTC), is at a defining moment in history, according to analysis from American investment bank Citigroup.

Bitcoin is now at a “tipping point” to either become the preferred currency for international trade or face a “speculative implosion,” Citi analysts reportedly said.

According to a Reuters report Monday, Citi analysts are confident that Bitcoin is on the cusp of going mainstream. According to the report, Bitcoin’s tremendous potential has been fueled by recent big Bitcoin moves by companies like Tesla and Mastercard.

Citi analysts wrote, “There are a host of risks and obstacles that stand in the way of Bitcoin progress. But weighing these potential hurdles against the opportunities leads to the conclusion that Bitcoin is at a tipping point.”

Citi analysts also hinted that the mainstream adoption of Bitcoin could be helped along by digital currency developments like central bank digital currencies and fiat-pegged stablecoins. 

The news comes amid a major correction on the cryptocurrency market, with Bitcoin dropping below $44,000 yesterday after hitting a new all-time high of above $58,000 earlier inTitle: Bitcoin is at a ‘tipping point’ in international trade, Citi says
Sourced From: cointelegraph.com/news/bitcoin-is-at-a-tipping-point-in-international-trade-citi-says
Published Date: Mon, 01 Mar 2021 10:44:42 +0000