According to a report published by US bank Citigroup, the world’s largest cryptocurrency, Bitcoin, is at a tipping point.
March 1, 2021 | AtoZ Markets – The world’s largest cryptocurrency, Bitcoin (BTC), is at a turning point in history, according to analysis by the American investment bank Citigroup.
Bitcoin is now at a “tipping point” to become the preferred currency for international trade or face a “speculative implosion,” said Citi analysts.
Bitcoin is on the Verge of Becoming Popular, Citigroup Analysts
According to a Reuters report on Monday, Citi analysts are confident that Bitcoin is on the verge of becoming popular. According to the report, Bitcoin’s tremendous potential has been fueled by the recent big moves by companies like Tesla and MasterCard in adopting the asset.
Citi analysts wrote:
“There are a number of risks and obstacles that hinder Bitcoin’s progress. But weighing these potential obstacles against opportunities leads to the conclusion that Bitcoin is at a turning point. ”
Citi analysts also suggested that the dominant adoption of Bitcoin could be helped by the development of digital currencies by central banks and stablecoins indexed to fiduciaries.
The news came amid a major correction in the cryptocurrency market, with Bitcoin dropping to less than $44,000 yesterday, after reaching a new record of more than $58,000 in early February. At the time of publication, Bitcoin is trading at $47,285, an increase of about 4.5% in the past 24 hours, according to data from the TradingView.
According to some experts, global regulation may be one of the biggest obstacles to the adoption of Bitcoin by institutional investors. Bridgewater’s investment research director Rebecca Patterson said on February 24 that regulatory certainty around Bitcoin would solve some of the biggest cryptocurrency problems associated with high volatility and low liquidity.
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