• Citi analysts suggest that the next influx of crypto adoption will be primarily driven by the rise of central bank digital currencies (CBDCs).
• Ronit Ghose, Future of Finance Global Head at Citi, discusses the report saying, “we think CBDCs will be a trojan horse, it will be coming from the side or backdoor.”
• By 2030, according to the Citi report, up to $5 trillion worth of CBDCs could be circulating in major economies across the world.
Citi Analysts Predict Crypto Adoption Will Be Driven by CBDCs
Citi analysts believe that an increasing use of blockchain technology will be driven by digital financial instruments such as central bank digital currencies (CBDCs). Ronit Ghose, Future of Finance Global Head at Citi said that he believes these CBDCs “will be a trojan horse” for blockchain adoption and come from either side or back door.
Up To $5 Trillion Worth Of CBDC Could Circulate Globally By 2030
According to a recent Citi report titled “Money Tokens and Games”, up to $5 trillion worth of CBDC could circulate globally by 2030. This is half of which would be tied to distributed ledger technology. The potential for blockchain growth could reach “billions of users” coupled with “trillions of dollars in value” if this happens.
CBDC Will Act As ‘Trojan Horse’ For More People To Use Blockchain
Ghose suggested that using CBDC may get more people comfortable using blockchain technology and push “the adoption in financial services of tokenized assets [and] tokenized money.” He also stated that usage would vary depending on region and use case.
Crypto Industry Reaches Inflection Point
The banking giant also pointed out that the crypto industry is reaching an inflection point where blockchain’s potential can now been seen and measured in terms numbers as mentioned earlier – billions users coupled with trillions worth in value.
// You dont need conclusion here // In conclusion, it appears as though an increasing use blockchain technology will likely be driven by digital financial instruments such as central bank digital currencies (CBDCs). It has yet to seen how much impact this may have but according to Citi’s latest report it looks like we can expect up to $5 trillion worth of CBDCS globally by 2030 which could lead us towards more people using blockchains and its related technologies.