According to a report from Reuters, analysts from Citibank are starting to see Bitcoin as a conventional method of payment in international trade for the future. The immense popularity and hype surrounding crypto have now secured a great deal of interest in the eyes of investors and all sorts of industries.
Will Bitcoin stay relevant?
The report seems to have a slight doubt about the future of crypto. The analysts seem to believe that the currency is hanging on a wall at a critical point. They think that Bitcoin will either climb the wall successfully to reach the stars, or it will sadly fall to its death. This slight doubt is a valid judgement as Bitcoin is still struggling to gain the interest of many countries around the world. Some countries have assumed cryptocurrency of being used by terrorist and hacker organizations, developing many doubts about implementing crypto into traditional systems.
But as of today, Bitcoin is nowhere near showing any signs of falling. The crypto has been growing at a rapid rate in the past few years and is not likely to consider pushing the brakes. The recent investment of $1.5 Billion worth of Bitcoin by Tesla, run by famous Billionaire Entrepreneur Elon Musk has turned many heads around, seeking the attention of millions of possible users and investors. Even a company like Mastercard has started to gain interest in Bitcoin-based transactions, recommending its merchants to start indulging in cryptocurrency trade.
The analysts believe that Bitcoin needs massive commercial adoption in order to sustain its value and penetrate the traditional market. Central Banks can start launching their own Bitcoin-based stablecoins supporting the features that Bitcoin has to offer. An increase in the number of international transactions using crypto can surely boost the value of the banking industry, providing users with an easy method of doing business transactions across borders.
Getting back on its feet
Although the recent hit did affect Bitcoin, including the crypto market in general, it is predicted that Bitcoin will soon rise again, reaching an all-time high, beating its previous record. Many high-level traders, including Capo of the Crypto, have also presented evidence that shows a massive rise in the value of Bitcoin in the coming months.