Bitcoin (BTC), the world’s largest crypto currency, is at a critical threshold in history, according to the analysis of US investment bank Citigroup.
Citi analysts said that Bitcoin is at a critical threshold where it will either become a preferred currency in international trade or risk bursting as a speculative bubble.
Citi analysts seem confident that Bitcoin is on the verge of mainstreaming, Reuters reported on Monday. According to the report, Tesla and Mastercard’s bitcoin steps further strengthened Bitcoin’s huge potential.
“There are some risks and obstacles to Bitcoin’s progress. But comparing these potential hurdles with the possibilities, it is concluded that Bitcoin is at a critical threshold,” Citi analysts said.
Citi analysts explained that digital currency developments such as central bank digital currencies and stablecoins indexed to legal currencies could also help Bitcoin gain mainstream prevalence.
Bitcoin, on the other hand, experienced a correction after rising to $ 58,000 in February and dropped to $ 43,000 over the weekend. Bitcoin, which has gained 7 percent value in the last 24 hours, is being traded at around 48 thousand dollars as of the translation broadcast time.