Itay Tuchman, Citigroup’s global head of foreign exchange, told the Financial Times in a study published Friday that the bank had seen a surge in bitcoin from major clients since last August.
“From our viewpoint, there are many choices, and we are considering where we can offer the best service to clients. “This will not be a prop-trading effort,” Tuchman said, referring to proprietary trading, in which banks deal with their capital to make a profit.
Citigroup is not in a hurry to introduce cryptocurrency services
The American banking behemoth is not in a hurry to introduce cryptocurrency services. Tuchman said that the bank could invest when it is sure that it can create something that will help clients and that regulators will support.
“I don’t have any FOMO [fear of missing out] because I believe that crypto is here to stay and that we are just at the very beginning of the market. This isn’t a space race. There is room for more than just one flag,”Tuchman said
Bitcoin, according to Citi, has the potential to become an international exchange currency as it develops.
Citi released a study earlier this year claiming that as bitcoin progresses, it could become an international exchange currency.
“Perceptions about what makes bitcoin important continue to evolve and create new opportunities while increasing its perception towards becoming mainstream,”the bank said at the time.
The paper, titled “Bitcoin: At the Tipping Point,” traces bitcoin’s evolution from a means of payment to its current status as a store of value. According to the banking giant, bitcoin’s core assets, coupled with its global scope and neutrality, may see it becoming the currency of preference for foreign trading in around seven years.