This is not something you will see every day. Financial Times decided to publically and really cruelly bash a major, internationally recognized bank - Citi. This came in March after Citi published its bitcoin report titled ‘At the Tipping Point’. In this piece, we’ll try to determine whether it really was that bad, or not.
The FT’s article is really snappy, and probably the only reason why it was written, was to dismantle as many of Citi’s arguments as possible. And we’re still wondering whether this report’s targeted reader was the same person who reads the Financial Times. To be honest, we’re doubting that.
The Citi Global Perspectives & Solutions’ report
Just by looking briefly at the report, you can clearly tell, that although there is a lot of expertise from different people, the two personalities stand out. As you can imagine, these two people are really influential personalities from really influential companies, and we can’t help but wonder whether their presence hasn’t been crucial in the process of planning the whole report.
The first expert is BlockFi’s CEO and Founder, Zac Prince, and the second one is Matteo Leibowitz, who works as Uniswap’s Strategy Lead. Both gentlemen give very interesting opinions on cryptocurrencies, but if somebody is alert enough, they could notice some additional potential benefits for the two and their institutions. Do you think that the report had something to do with BlockFi’s funding and Uniswap’s Coinbase IPO? Because we do, we think so.
We’re not going to get into that deeply, but we recommend that you go and read the fascinating piece written by Disruption Banking’s Joel Oluwatobi. The author dismantles the ‘secret’ purpose of writing Citi’s report and gives us the final verdict, whether it really was that bad. He also analyses the experts’ potential gains. To find his brilliant article, feel invited to use the following link: https://disruptionbanking.com/2021/04/07/hey-citi-your-bitcoin-report-is-not-embarrassingly-bad/.