Bitcoin at the highest since last Monday
Bitcoin is up 8% today to $49,054 in a big rebound from Friday's low of $43,016.
All the headlines today are about a Citigroup report talking about a tipping point in adoption of crypto.
"In a search for yield and alternative assets, investors are drawn to Bitcoin's inflation hedging properties and it is recognized as a source of 'digital gold' due to its finite supply. Specific enhancements to exchanges, trading, data, and custody services are increasing and being revamped to accommodate the requirements of institutional investors."
...
"There are a host of risks and obstacles that stand in the way of Bitcoin progress. But weighing these potential hurdles against the opportunities leads to the conclusion that Bitcoin is at a tipping point and we could be at the start of massive transformation of cryptocurrency into the mainstream."
Read it here:
Citi - Bitcoin at the Tippi... by Zerohedge
Update: I have to update this post because after a reading of this report, it's comically bad, something the FT is highlighting.
At one point they brush of the money laundering problems of bitcoin by highlighting a Federal Reserve report that says "13.46% of aggregate credit and debit card network activity in the US."
The problem? The Fed report says it represents 13.46 basis points, or 0.1346%. That's embarrassing. The FT is calling for Citi to yank the whole report because of that and a host of other errors.
