Bitcoin (BTC) and altcoins, which made a good start to 2023, experienced a major collapse last week.
A new report has come from Citibank, as this drop increases speculation that the bear market is still not over.
Stating that there may be decreases in the crypto money market, Citibank said that 3 factors can act as a catalyst for the growth of the crypto market.
The bank stated that the first factor that could fuel the growth of the crypto industry is the rapidly increasing interest in Distributed Ledger Technology (DLT).
While 74% of the respondents stated that they were interested in DLT technology and digital currencies, this rate was stated to be 47% in 2022.
“74% of survey respondents are interested in Distributed Ledger Technology (DLT) and digital currencies (up from 47% last year). These numbers are a clear sign that DLT momentum continues to increase.”
Citibank stated that the second factor is the increasing interest of investors in CBDCs and that 87% of the respondents saw CBDCs as a powerful tool to support the settlement of securities.
Pointing out that the third factor is the convenience of fast payments offered by digital currencies, the bank stated that 77% of the respondents expect the convenience of fast payment to have a positive impact on their operations.
*Not investment advice.