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- Bitcoin can finally be used for international exchanges, Citibank analyst.
- This in turn will increase the global acceptance of Bitcoin.
Bitcoin adoption will soon be bigger
In an initial report by the financial services provider Citibank, it was found that Bitcoin could later be used as a medium of exchange for international trade. The company believes that Bitcoin is at a “turning point” and would either suffer a “speculative implosion” or be introduced into international trade.
Investments like Tesla and Microstrategy in BTC have also contributed to wider mainstream adoption. Recently, Mastercard announced that it will soon be enabling its customers to conduct crypto transactions. Movements like this have given Bitcoin more credibility.
With the increasing interest in crypto, many countries are trying to create a stable framework for the ecosystem. Citibank’s report goes on to say that Bitcoin could be used in international trade if central banks were to launch their digital cash and stable coins.
As a result, global acceptance and cross-border payments using Bitcoin can increase sharply. While there might be some challenges, it could be a huge leap in Bitcoin’s general adoption.
Institutional investors are driving the Bitcoin price up
The past week has been chaotic for Bitcoin as the bear selling pressure increased so much. As a result, Bitcoin price hit a low of $ 43,000, a price level that hadn’t been in three weeks. Bitcoin is currently trading at around $ 47,000. Miners are believed to be liquidating some of their BTC.
Recently, institutional investors have been moving their funds from wallet to wallet. Resting whales have also been conducting transactions over the past week. The common assumption is that institutional investors are relocating BTC to a cold store due to current price fluctuations. At the moment, Bitcoin appears to be stable as it is now trading up.