Citi, a New York-based financial service company in a report that Bitcoin (BTC) could become the next “massive transformation” in the finance industry. The company even alledged that Bitcoin could replace the mainstream financial system.
Nevertheless, several Citi analysts said that Bitcoin is at a “tipping point” and that could lead to a “speculative implosion”. They argued that cryptocurrency systems should be improved so that Bitcoin and other currencies get wider adoption by traders. Furthermore, Citi added that the increased regulation rate could block some innovative players from endorsing the digital currencies.
Citi continued in its 108-page cryptocurrencies report that the digital currencies market is seeing major changes especially in Bitcoin from “primarily a retail-focused endeavor to something that looks attractive for institutional investors.”
Analysts at Citi showcased they are positive about the rise of private stablecoins, and central bank digital currencies. The report stated the cryptocurrency market is becoming more legitimate. This will ease crypto adoption and facilitate its integration into the economy.