Just when you thought that Bitcoin fever might have finally cooled down, Wall Street’s biggest naysayer is considering jumping in! The move comes at a time when many are questioning the long-term viability of cryptocurrencies, with governments around the world issuing increasingly negative statements about the industry. But as it turns out, many of these statements are little more than cover for the fact that financial institutions are quietly exploring ways to incorporate elements of blockchain—the technology that cryptocurrencies like Bitcoin run on—into their own operations. Blog Post:
Citigroup is reportedly considering offering cryptocurrency-related services to its clients in response to growing demand, particularly from asset managers and hedge funds.
Itai Tuchman, head of global currencies at the financial institution, told the Financial Times on Friday that the investment bank was already exploring the possibility of offering cryptocurrency services to its customers.
There is talk of trading, financial and custodial services, but Tuckman said the company would not rush into anything that regulators might be concerned about.
We must not do anything that is not safe and secure. We won’t get started until we’re confident we can create something that will benefit customers and that regulators can support, he said.
According to Tuchman, the bank has noticed an increase in the number of customers interested in bitcoin (BTC) since August 2020. At the time, the price of the currency had risen 33% in just one month, from $9,000 to $12,000, and the global market capitalization of the cryptocurrency was about one-tenth of what it is today.
But Citigroup doesn’t seem to be in a hurry to jump on the bandwagon, even though bitcoin is currently at $55,000. Tuchman said the company would not fall prey to its own fear of losing profits and would play the long-term game of cryptocurrencies, which the bank believes will be around for a long time.
I don’t have FOMO [fear of missing out of benefits] because I think cryptocurrencies are here to stay and we’re only at the beginning of the market. This is not a space race. There is room for more than one flag, Tuchman said.
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