Analysts at Citibank have written that, in the future, Bitcoin (BTC, +8.82%) could turn into the preferred currency for international trade, thanks to its „decentralized design, lack of foreign exchange exposure, fast (and potentially cheaper) money movements, secure payment channels, and traceability.”
Bitcoin’s massive transformation to becoming mainstream is most likely provoked by Mastercard and Tesla embracing BTC recently. The company run by Elon Musk announced that it had allocated a gargantuan $1.5 billion into Bitcoin in the first half of February. Mastercard also recently stated that it is preparing to expose merchants to Bitcoin payments.
Another positive factor for the potential growth of Bitcoin is that the interest from financial institutions is becoming stronger and more focused this year.
Bitcoin is likely to start being utilized in international commerce if central banks begin to launch their own digital cash and stable coins. Bitcoin’s global adoption and potential for quick cross-border payments for commerce may increase greatly in that case.
Citi analysts admit that there are plenty of risks for Bitcoin’s progress in global adoption. The number of opportunities that can be seen among these potential obstacles lead them to believe that Bitcoin could be at the tipping point.
„Bitcoin is at a tipping point“
The conclusion of Citi refers to the oft-repeated quote by Arthur Schopenhauer: “All truth passes through three stages: First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as self-evident.”