It seems the bull run in the crypto market is there to stay. As major mainstream financial institutions continue to not shy away from endorsing cryptocurrencies, the future seems brighter for the top altcoins.
The latest to join the club is the world’s leading banking institution, the Citigroup. Itay Tuchman, Citigroup’s head of foreign exchange has confirmed the finance giant is considering entering the cryptocurrency market.
However, it is still unclear as to what kind of services it would be providing its customers. Tuchman indicated that the bank has all the plans on the table and may offer services related to trading and financing crypto. Speaking to Financial Times, he said: “There are different options from our perspective and we are considering where we can best service clients. This is not going to be a prop-trading effort.”
In 2021 we have witnessed global payment giants like Paypal and tech leaders like Elon Musk endorsing decentralized tokens. The impact is clear as the crypto markets continue to enjoy a sustained bull run. Despite some dampening of the investor sentiments due to events like Turkey banning crypto and the US President planning to increase the capital gains tax, it has been a smooth ride.
With Citigroup entering the market, we can be sure that other major banks and financial institutions will follow suit. In the long run betting on a bullish crypto market is very much reasonable.