As the demand for crypto increases, every major company and bank is offering crypto services falling susceptible to the FOMO build around it. We have already seen JP Mogan, Goldman Sachs, BNY Mellon, and many other banks offer the services this year. And now reports suggest that even Citigroup will start doing the same due to high customer demand. According to the bank, they are facing high demand from hedge funds and asset managers.
Citigroup’s plan of offering crypto services
The bank has been working on options and exploring the idea of giving their clients exposure to crypto. This was shared by the global head of foreign exchange of the firm. He also said that the bank is planning everything from trading to providing custody services. They are taking it slow so as not to fall off-line with the regulators. But the bank will for sure bring about this new chain of services very soon.’
According to Tuchman, the global head of foreign exchange of Citigroup, they will bring about the services once they have weighed everything down and decide it’s safe. Citigroup has already been seeing a rise in inquiries about BTC when it was about 1/6th of the current price. But this didn’t make them tap into their FOMOs and rush into anything.
According to Tuchman, had they rushed into this, the bank would have fallen prey to their own FOMO. But he thinks there is no need for that. Crypto is going to be a long game and is here to stay. And this makes it obvious that there is no need for rushing as banks and firms can easily take their time. This is quite different than many other banks that have really rushed into the same due to their fear of missing out.
Crypto is becoming a thing!
Yes, you heard that right, 2020 was the year for institutions to accept crypto, and now banks are doing it. In any setting, banks are considered to be the base of an economy, they make ot break it. And if they start treating crypto as an asset, the whole market is going to shape around it. There are still many big names that despise crypto and think this a bubble. But these names are quite smaller than the number of people who don’t think the same way.
Some of these names are Warren Buffett, Charlie Munger, Michael Burry, Bill Gates, and more. And then we have Elon Musk, the 2nd richest man on Earth who thinks crypto is the future. He is also taking part in the SNL and is expected to talk about Doge on the show.
What are your thoughts on Citigroup offering crypto services? And do you think that crypto has already gone mainstream? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.