Bitcoin Could Totally Replace $5 Trillion FX Market, Max Keiser Says

Bitcoin hit a new ATH, and the king coin continued to trade above $60k these days. The predictions about the price of BTC are getting juicer with each passing day.

Max Keiser said that BTC has the potential to become the new base layer currency and replace the entire $5 trillion foreign exchange (FX) market.

Acco5idng to the latest reports coming from the inline publication the Daily Hodl, during an episode of the Keiser Report, the Wall Street veteran takes note of Citibank’s recent report that argues Bitcoin has an advantage in global payments due to “its decentralized, deflationary, and secure nature, which are characteristics that put the flagship cryptocurrency in a position to go mainstream.”

Bitcoin makers banks obsolete

Keiser also made sure to address the advantages that Bitcoin has as a medium of exchange in the global payments system, and this makes banks, including Citibank, obsolete.

“It’s happening right now because the transaction is the settlement, so you don’t need Citibank. It obviates Citibank. It makes Citibank redundant, as are all banks, redundant with Bitcoin. I can trade with you as a currency, and it doesn’t require any bank. It doesn’t require a central bank,” he said.

The bank believes it is the other way around.

“And they got it a little bit reversed. They’re saying it started off as a means of payment, and people are looking at it as a store of value, but in fact, it started off as a store of value, and now it’s morphing into a means of payment. That’s the whole history of money,” they said.

“So Citibank should know at least the history of money and how money comes into existence, but nevertheless, a good effort and I applaud them for at least recognizing that they’re about to go out of business,” the bank continued and said as reported by the Daily Hodl.

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