Citibank: Bitcoin Won’t Disrupt Payment Networks, but Changes Are Coming
Citi Research released a 56-page report on bitcoin saying that it is not going to disrupt banks or credit card networks. It says there will be increased transaction costs for bitcoin to provide increased volume. As for the use of bitcoin in remittance payments, it says bitcoin’s advantage dissipates when the “last mile” cost of converting to fiat currency is considered. The report notes the growth of bitcoin mobile apps in developing countries but sees regulations rising that put them in question. It claims existing payment systems are generally efficient. The report also talks about....
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Citibank, a major global banking institution, revealed on Wednesday that it has hired Switzerland-headquartered crypto custody firm Metaco to establish a digital asset custody platform. The collaboration will focus on tokenized securities, which are representations of stocks and bonds that are transferred and settled using blockchain technology, according to an email from a Citibank official. […]
A report written by two payments analysts, James Schneider and SK Prasad Borra, at the Goldman Sachs research division, has stated that Bitcoin and cryptocurrencies are part of a technology megatrend that could fundamentally alter the transactions mechanism. The report titled, The Future of Finance: Redefining The Way We Pay in the Next Decade, was released yesterday and was second in a series, which has earlier taken up rise of the shadow banks. The report suggests that if the concerns regarding the safety of funds are taken care of, along with implementation of the Big Data, Bitcoin,....
Citibank Group’s Global head of Citifxtechnicals product, Tom Fitzpatrick expects to see the price of bitcoin peaking at $318,000 by end of 2021. Although he concedes that his prediction might seem improbable, Fitzpatrick argues that such a surge will still be the weakest rally for the digital asset when compared to other assets such as gold. He also adds that bitcoin is all about the”unthinkable rallies followed by painful corrections.” Bitcoin will see huge price swings before finally settling at the predicted price suggests Fitzpatrick. Similar Trends Writing in a....