Bitcoin bull and market commentator Max Keiser says bitcoin could replace the $5 trillion market for foreign currency exchange.
Speaking in a recent episode of the Keiser Report, former Wall Street veteran and host Max Keiser highlighted Citibank’s recent report endorsing the advantages of bitcoin in global payments. According to Citibank, bitcoin offers an upgrade over traditional money due to its decentralization, deflationary nature, and security.
Keiser argued bitcoin would make institutions like Citibank increasingly irrelevant.
He said: “[Bitcoin] 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.”
Keiser refuted Citibank’s claim that bitcoin had transitioned from a form of payment to store-of-value asset. He predicted BTC would grow in adoption as a tool for payments and exchange, forcing banks and other financial institutions out of business.
He continued: “Right there’s what, $5 trillion a day in the forex market, foreign exchange, and that could be completely replaced with Bitcoin as the base layer. We’ve seen that demonstrated now buy sending currency from country to country, starting off in one currency, arriving at the destination in that local currency instantaneously, virtually at no cost.”