Citi argues for Bitcoin as global trade currency

US banking group Citi has published a new report arguing that Bitcoin could be adopted as an “international trade currency”, as the asset continues to develop and evolve.

The idea behind this statement is laid out in the Bitcoin: At the Tipping Point analysis which comes amid a flurry of developments surrounding BTC, and not least a string of institutional investments buying into the asset.

According to the authors of the report, Bitcoin's reach and core properties could transform it into a viable choice when it comes to international trade.

Citi gives rough guidelines of when this could occur, arguing that Bitcoin may live up to this potential in seven years' time. “A focus on global reach and neutrality could see Bitcoin become an international trade currency”, it said.

The report goes further to argue that the speed and cost advantage inherent to BTC as well as its traceability and security of payments make it a unique vessel that governments and businesses would find hard to shy away from.

International trade could be simplified if importers and exporters have a reliable and stable way to use Bitcoin for international trade, avoiding delays in payments. Lack of delays in payments should in theory make taxation easier to follow and tax laws quicker to enforce.

Yet, it's not smooth sailing from here on in for Bitcoin either. City's analysts have considered the good and the bad. Fears of stability aside, Bitcoin actually isn't as quick as it's touted to be.

On its own Bitcoin is rapid, but when you equate it to the same network pressure Visa takes daily, Bitcoin is actually 4,800 times slower than the Visa network’s capacity, Citi explains.

Citi also made a point of welcoming the entrance of institutional investments over the last few months. “The entrance of institutional investors has sparked confidence in cryptocurrency but there are still persistent issues that could limit widespread adoption”, the report said.

As institutional investors are piling on, though, there are plenty of recreational activities as well. Bitcoin casinos such as 1xBit, FortuneJack and Bitcasino.io all offer excellent opportunities to explore gaming.

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Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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