Bitcoin could be at the start of a massive transformation in going mainstream as a preferred currency, according to a report published by Citi Global Perspectives and Solutions (GPS). The bank mentioned that major institutional investors and organizations around the world are now supporting Bitcoin.
The report states that Bitcoin is now many things, from a payment method to a store of value but the world’s largest cryptocurrency is currently at a tipping point. The Citigroup analysts mentioned that Bitcoin has inspired the evolution of a blockchain-based economy.
“To some, Bitcoin is a payment system based on new technology set to potentially drive a re-wiring of the entire payments landscape. To others, it is a new currency that can store value in a unique way and marks a new model of issuance beyond the control of a single nation. Many focus on the limitations imposed on Bitcoin’s supply and liken it to digital gold, focusing on its value as an asset class. Those thinking about its future see the potential for BTC to become a global facilitation currency helping to reduce the friction and complexity of cross-border trade,” the official report mentioned.
Viberate Teams Up with Blockparty to Deliver World’s First Live Event NFTGo to article >>
A rise in institutional adoption has played a major role in Bitcoin’s recent price action. Despite the regulatory uncertainty, the price of the world’s largest crypto asset touched an all-time high of $58,000 in February 2021. As of writing, BTC is trading around $48,000. MicroStrategy, the world’s largest business intelligence firm, announced today that it has acquired 328 Bitcoin worth $15 million in cash at an average price of $45,710. The company now holds 90,859 BTC.
“Large institutional investors and organizations are choosing to participate in and support Bitcoin. Regulators are beginning to lay the groundwork for the asset to potentially enter the mainstream. Governments themselves are being pressured and many are re-considering their own currency offerings. The vision of Bitcoin as a force that will transform the world may seem self-evident in just a few more years. The fact this progression has occurred in just over a decade makes Bitcoin remarkable regardless of its future,” Citi report said.