Bitcoin has reached a climax in Global Trade – Citi Bank Analysts
Citibank experts say that Bitcoin is close to attaining general acceptance.
Bitcoin, the most prominent cryptocurrency is reportedly at a climax according to Citigroup, a prominent Investment Bank in the USA.
Citi experts reported that Bitcoin has now reached a defining moment to transform into the choice currency for global exchange or face a complete speculative collapse.
A report from Reuters on Monday, quoted that Citi experts are optimistic that Bitcoin is on the verge of becoming a generally accepted currency system. In the report, it was further highlighted that Bitcoin’s meteoric rise has been buoyed by current actions by corporations such as Tesla and Mastercard.
In writing, Citibank experts noted that,
“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”
They also opined that the adoption of Bitcoin as a generally accepted means of exchange could be aided by the digital currency innovations such as stablecoins backed by fiat currency as well as central bank issued digital currencies. (CBDCs).
The information comes at the heels of major correction activities in the cryptocurrency exchange markets which saw Bitcoin fall below $44,000, after having reached its highest ever figures of $58,000 in the early days of February.
The information from the Bitcoin price index showed that, at press time, Bitcoin currently sells for $47,285, about 4.5% jump within the last 24 hours.
Some professionals are of the opinion that one of biggest challenges for Bitcoin’s global acceptance could be global regulatory policies by governments.
On February 24, Rebecca Patterson, Director of Investment research at Bridgewater stated that the answer to cryptocurrency’s inadequate liquidity and high volatile nature could be a clearly defined regulatory policy in relation to Bitcoin.