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Bitcoin may eventually be used for international exchange, Citibank analyst.
This will, in turn, increase the global adoption of Bitcoin.
Bitcoin adoption about to get bigger
An initial report from Citibank, a financial service provider, stated that Bitcoin might later be used as a means of exchange for international trade. The company believes that Bitcoin is at a “tipping point” and would either suffer “speculative implosion” or be adopted in international trades.
Investments like that of Tesla and Microstrategy in BTC have also helped it gain a wider mainstream acceptance. Recently, Mastercard announced that it will soon allow its customers to carry out crypto transactions. Moves like this have added more credence to Bitcoin.
With the increasing interest in crypto, many countries are looking to create a stable framework for the ecosystem. The report from Citibank stated further that if central banks should launch their digital cash and stablecoins, Bitcoin might be used in international trades.
As a result, the global adoption and cross-border payments using Bitcoin may increase greatly. Even though there might be some challenges, this could be a great leap in the mainstream acceptance of Bitcoin.
Institutional investors drive Bitcoin price higher
The past week has been chaotic for Bitcoin as the selling pressure from the bears grew so much. As a result, Bitcoin price traded to a low of $43,000, a price level which it had not been in three weeks. Right now, Bitcoin is trading around $47,000 and is believed to be due to miners liquidating some of their BTC.
Recently, institutional investors have been moving their funds from wallet to wallet. Dormant whales have also made transactions in the past week. The general assumption is that institutional investors are moving BTC to cold storage due to the current fluctuations in the price. Right now, Bitcoin appears to be stable as it is now trading upwards.