Bitcoin is at a “tipping point” in international trade, according to Citi
According to analysts at Citi, the widespread adoption of Bitcoin is at hand.
The world’s largest cryptocurrency, Bitcoin (BTC), is at a turning point in history, according to analysis by US investment bank Citigroup.
Bitcoin is now at a “tipping point” to become the currency of choice for international trading or to face a “speculative implosion,” according to analysts at Citi.
According to a Reuters report on Monday, Citi analysts are confident that Bitcoin is on the cusp of becoming popular. 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 number of risks and obstacles that stand in the way of Bitcoin’s progress. But weighing these potential obstacles against the opportunities, one concludes that Bitcoin is at a tipping point.” .
Citi analysts also hinted that the widespread adoption of Bitcoin could be aided by the development of digital currencies, such as central bank digital currencies and fiat-value stablecoins.
The news comes amid a major correction in the cryptocurrency market, as Bitcoin fell below $ 44,000 yesterday after hitting a new all-time high above $ 58,000 in early February. At press time, Bitcoin is trading at $ 47,285, up about 4.5% in the last 24 hours, according to data from Cointelegraph’s Bitcoin Price Index.
According to some experts, global regulation could be one of the biggest obstacles to the adoption of Bitcoin by institutional investors. Bridgewater investment research director Rebecca Patterson said on February 24 that regulatory certainty around Bitcoin would solve some of the cryptocurrency’s biggest problems associated with high volatility and low liquidity.
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