Citibank says Bitcoin may be optimally positioned to become the preferred currency for global trade

In March, Citibank (top 4 US bank) published a report on Bitcoin, called Bitcoin: At the Tipping Point. It is an extensive 108 page report that examines Bitcoin in detail and alleges that it is currently at a tipping point and we could be at the start of massive transformation of cryptocurrency into the mainstream.

According to Citibank, Bitcoin is in prime position to become the currency of choice for international trade, because it is immune from both fiscal and monetary policy, avoids the need for cross-border foreign exchange (FX) transactions, enables near instantaneous payments, and eliminates concerns about defaults or cancellations.

They also envision a system where individuals and businesses would have digital wallets holding a variety of cryptocurrencies, stablecoins, and CBDCs just like they today have checking, savings, and treasury accounts. Connectivity between the traditional fiat currency economy, public cryptocurrency networks, and private stablecoin communities would become fully enabled.

Since we've all been hearing so much about how Bitcoin is not a currency but a store of value, it is very interesting that a top level bank would envision it as a currency for global trade.

What do you think?

In case you want to read the report: https://ir.citi.com/_tpHpW8MfaZ1QXwGmP1JGMGXXI95qXm3IMJzUJScLMb6XIjtOls6EbDehXMR3B_o9Opi7mdc5tQ%3D