{"id":38182,"date":"2021-03-02T12:30:53","date_gmt":"2021-03-02T10:30:53","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=38182"},"modified":"2025-08-30T03:23:28","modified_gmt":"2025-08-30T00:23:28","slug":"financial-times-criticises-citibank-report-on-bitcoin-prospects","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/financial-times-criticises-citibank-report-on-bitcoin-prospects\/","title":{"rendered":"Financial Times criticises Citibank report on Bitcoin prospects"},"content":{"rendered":"

Financial Times journalists \u043d\u0430\u0437\u0432\u0430\u043b\u0438<\/a> \u201ctruly shocking\u201d the latest Citibank study on Bitcoin. The publication’s representatives questioned whether the first cryptocurrency could realistically serve as a medium of exchange in international trade, as the investment bank’s analysts suggested.<\/p>\n

In the Financial Times, the accuracy of the data used in the report was questioned. In particular, they were surprised by the 36% figure\u2014the share of small and medium-sized businesses in the United States that accept digital gold as a means of payment.<\/p>\n

Citibank used 99bitcoins.com as a source. In FT’s view, it hardly deserves trust, although the researchers described the data as ‘too optimistic’.<\/p>\n

Journalists were also perplexed by Citibank’s stance regarding the litigation over the $850 million loss between the New York Attorney General’s office, the issuer of the stablecoin Tether (USDT) and the associated Bitcoin exchange Bitfinex.<\/p>\n

Analysts cited risks that could undermine confidence in Bitcoin. Among them are a widespread blockchain outage, a large-scale cryptocurrency theft, or intensified regulatory scrutiny in light of the suggestions that one of the largest stablecoins is not fully backed by dollars.<\/p>\n

The FT questioned whether the authors of the study examined the terms of an agreement obliging Bitfinex and Tether to pay $18.5 million<\/a> to the state of New York. The prosecutor’s office said the companies concealed financial losses and misrepresented statements of full backing of USDT. Journalists noted that Citibank included ‘data from the internet’ in the study and ignored those facts.<\/p>\n

Earlier, Citibank researchers warned of a turning point in Bitcoin’s history \u2014 it could either become a medium of exchange in international trade or endure a speculative boom.<\/p>\n

Subscribe to ForkLog news on VK<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

Financial Times journalists described the latest Citibank study on Bitcoin as “truly shocking”. The publication’s representatives questioned the possibility of the first cryptocurrency serving as a means of settlement in international trade, as the investment bank’s analysts suggested.<\/p>\n","protected":false},"author":1,"featured_media":38183,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1622,1138],"class_list":["post-38182","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-citi","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"14","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/38182","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=38182"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/38182\/revisions"}],"predecessor-version":[{"id":38184,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/38182\/revisions\/38184"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/38183"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=38182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=38182"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=38182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}