Crypto In Major Banks And Securities Firms Is Inevitable, Citi Group Ex-CEO

2021-11-15 20:00

Crypto has been making the rounds through the industry and with the multiple bull runs in just 2021 alone, it has not slowed down or come up for air. This is because interest in the market has grown tremendously in this time frame. Investors, no matter their financial background or standing, are beginning to see the market for what it really is; a gold mine that is open to the public.

Individual investors have been more inclined to take on the risks that come with investing in crypto, with institutional investors being warier of the market. However, this has started to change in the last year or so. Institutions which has strongly objected to the acceptance of cryptocurrencies have softened their stance and begun to provide exposure to the market for their clients. Vikram Pandit, the former CEO of Citigroup, says this is just the beginning.

More Crypto Adoption Is Coming

Vikram Pandit, who served as the CEO of Citigroup for five years, gave his bullish take on the crypto market going forward. While most would be conservative with the time frame for which they saw big institutions going into crypto, Pandit put it in the next one to three years.

Related Reading | Crypto Stablecoins Double US Junk Bond Yields

Speaking at the Singapore Fintech Festival event, Pandit said that he was expecting major financial institutions to get more into the crypto market. He explained that they would either do this through trading or by providing crypto services to their clients.

Crypto total market cap recovers above $2.8 trillion | Source: Crypto Total Market Cap from TradingView.com

This has been the case with big banks like Goldman Sachs that have given in to pressure from their clients about providing exposure to the crypto market. They have done this through providing trading services or providing crypto services that would give these clients the exposure they desire.

Pandit stressed that “in one to three years, every large bank and/or securities firm is going to actively think about, ‘Shouldn’t I also be trading and selling cryptocurrency assets?’”

Central Banks Need To Get Onboard

The issue of CBDCs has been a touchy one in crypto ever since the idea was introduced. Crypto enthusiasts have expressed fear that this may give the government the power to control their assets even more. However, this sentiment has not been shared by everyone in the space and Pandit is one.

The banker and investor wants a CBDC that anyone can use around the world. Pandit is not a fan of the current paper-based banking system, which he referred to as “cumbersome” with “deadweight” costs. Instead advocating for central banks around the world to accept crypto by creating CBDCs.

Related Reading | How HashEx Is Helping Secure The DeFi Industry Through Smart Contracts Auditing

“My big hope is that central banks around the world understand the benefit of a central bank digital currency, and move on to accept, adopt them,” said Vikram Pandit.

With the rate at which governments are researching and working on their own version of a central bank digital currency, it may not be long before the investor will see the monetary system he craves become a reality.

Featured image from Investopedia, chart from TradingView.com

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0095806 (-100%)

crypto come down slowed frame interest market

crypto come → Результатов: 126


Celsius Network Launches CelPay to Allow Crypto Holders Send and Receive Digital Assets Instantly without Fees

Celsius Network, a blockchain-based lending platform has launched CelPay to allow cryptocurrency investors to seamlessly send and receive cryptoassets in real-time, without fees or keys. With the CelPay app, crypto holders can overcome all the existing challenges that come with sending digital assets, including expensive fees, delays in transaction confirmation and others.

2018-12-17 19:32


Avaloq Spearheads Cryptocurrency Asset Solution Initiative

A leading fintech company, a cryptocurrency asset firm and a Switzerland bank have come together to implement a crypto asset solution for banks and wealth managers. Cryptocurrency Asset Solution for Banks and Wealth Managers According to a press release by fintech company, Avaloq, a Swiss bank, Gazprombank Ltd, cryptocurrency company, METACO, and Avaloq, recently came […] The post Avaloq Spearheads Cryptocurrency Asset Solution Initiative appeared first on Ethereum World News.

2018-12-7 19:53


South Korea’s FSS Watchdog Warns 2 Banks for Lack of Crypto Trading AML Regulation Management

As South Korea has come in to the cryptocurrency market, they have been fairly strict about the regulations that exchanges and investors must adhere to. However, as the Financial Supervisory Service (FSS) has reviewed the local financial institutions, they have found that two major domestic banks are not doing their part in anti-money laundering (AML) […]

2018-12-5 03:28


Фото:

Op Ed: From Gray To Black and White: Traditional Regulations Come to Crypto

For nearly a decade, participants in the blockchain and cryptocurrency space have operated in a regulatory compliance gray zone. Recent developments — at both the federal and international levels — signal that the time for plausible deniability or unregulated freedom is coming to an end and more traditional regulations are moving to the forefront.

2018-12-3 19:20