Citigroup analysts have been predicting for a while that Bitcoin will be widely adopted on a global scale. And though they thought it would take a few more years, analysts now say that widespread adoption is coming sooner than expected. In a new report, analysts say they were “impressed by the pace of accumulation” in Bitcoin and are now contemplating plans to offer crypto services to customers. Note: If the blog post title is not present, the program will default to a title of “unnamed blog post”
Citigroup has reportedly seen interest in bitcoin grow very rapidly among a wide range of clients, including large asset managers. The bank is currently considering launching its own cryptocurrency services as more banks, including Goldman Sachs and Morgan Stanley, offer bitcoin-related services to their customers.
- Citigroup is reportedly considering launching cryptocurrency services after renewed interest from its customers, the Financial Times reported Friday.
- While no decisions have yet been made on cryptocurrency-related services, the publication reports that trading, warehousing and financing are being considered, citing Itai Tuchman, the bank’s global head of currencies.
- A Citigroup executive told the publication that Citi has seen a very rapid increase in interest in bitcoin from a variety of clients, including large asset managers.
- The news that Citigroup is considering launching cryptocurrency services comes amid a growing number of major banks jumping on the cryptocurrency bandwagon. Investment bank Goldman Sachs has started trading bitcoin derivatives and has scaled back its bitcoin trading desk to offer a full range of bitcoin investments. In addition, Morgan Stanley already offers its high-net-worth clients access to bitcoin funds, and JPMorgan is reportedly planning to offer a cryptocurrency service.
- Meanwhile, hundreds of smaller banks are reportedly planning to allow their customers to buy, sell and store cryptocurrencies through their existing bank accounts.
- Some Citi analysts are positive about bitcoin. In March, Citi said bitcoin was at a turning point and could become the currency of choice for international trade. Last November, Citi predicted that bitcoin would be at $318,000 by the end of the year.
Do you think Citi will launch cryptocurrency services in the near future? Let us know your comments in the section below.
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