As the price of bitcoin surges above $50,000 again, demand for the most popular cryptocurrency by individual and institutional investors seems to have increased.
Now Citibank, a renowned American multinational investment bank that has become a breeding ground for clients who want to gain exposure to cryptocurrency, is gazing at Bitcoin.
Per a Reuters report today, the bank is contemplating the possibility of offering Bitcoin futures to its institutional clients.
An unnamed source familiar with the matter revealed that the bank may kickstart trading Bitcoin futures immediately if it eventually receives regulatory approval, adding;
“We are presently considering products such as futures for some of our institutional clients, as these operate under strong regulatory frameworks.”
The banking giant has always viewed Bitcoin in a favorable light. A case in point was the instance when the bank figured out that Bitcoin was at “a tipping point,” with the potential of becoming a choice currency for speculative implosion or international trade.
Citigroup is not the only financial institution to venture into Bitcoin futures; the Chicago Mercantile Exchange (CME) Group had made plans to launch a Micro Bitcoin futures contract.
Now the world at large is in a quest to see how best to include Bitcoin in a well-thought-out investment plan.
Interest in Bitcoin continues to grow alongside the massive adoption of other cryptocurrencies in the case of e-commerce store owners that have included crypto payment options.
Amid the quest for bitcoin acquisition, critics have argued for its extreme volatility, carbon footprint, among other concerns surrounding the most popular cryptocurrency.
Still, others have concluded that bitcoin and cryptocurrencies are tools for criminal activities like money laundering and cybercrimes with the increasing rate of these activities.
In any case, Bitcoin has proved to be a means to freedom from fiat and a game-changer for many individual and institutional investors.
