citi bitcoin, citi crypto, citi cryptocurrency, citi private bank, CitiBank, citibank bitcoin, CitiGroup, citigroup bitcoin, david bailin

Citibank’s David Bailin believes that bitcoin will do well because of the level of interest from investors. While stating that the cryptocurrency can be part of a portfolio, the executive sees better investment opportunities than bitcoin in “giant unstoppable trends.â€

Bitcoin ‘Is Going to Do Well,’ Citi Executive Predicts

David Bailin is Managing Director and Chief Investment Officer (CIO) at Citi Private Bank, a subsidiary of Citigroup dedicated to serving wealthy individuals and families. He is listed on the Citibank website as a “wealth expert.†Bailin talked about bitcoin in an interview with Yahoo Finance Wednesday. He said:

However, the Citi executive noted that it “scares†him “on a fundamental basis.†Bailin joined Citi in 2009 as the Global Head of Managed Investments and was promoted to Global Head of Investments in October of 2017.

Bailin explained that “At Citi Private Bank and at Citi Global Wealth, we are really focused on this concept of core and opportunistic investing.†The former represents 85% or more of the total holding in a traditional portfolio and is focused on “fundamental investing.†The latter is where Citi clients can choose to have exposure to bitcoin.

The Citi Private Bank CIO cautioned:

In January, Citi announced that it has created a single wealth management organization, Citi Global Wealth, unifying wealth management teams in Global Consumer Banking (GCB) and the Institutional Clients Group (ICG).

CIO Looking for Ways to Give Clients Exposure to Bitcoin But Sees Better Opportunities Elsewhere

Bailin said he has been looking at ways to offer his clients exposure to bitcoin, including a “total return swap†that could allow clients to “invest in the price appreciation of the actual digital currency.†He opined, “I think that’s probably the most efficient way to do it.â€

The Citibank wealth expert added that although bitcoin may be the talk of the town, he sees better opportunities for Citi clients in “unstoppable trends,†like big data, satellite technology, solar, and more. The CIO opined:

He added that with these investments, “you can identify them, you can quantify them, you can find companies that are engaging them and you can see that the size of the market we are talking about is extraordinary.â€

Earlier this month, Citigroup released an in-depth report stating that bitcoin is at a tipping point and could become the preferred currency for international trade. “We could be at the start of massive transformation of cryptocurrency into the mainstream,†the firm wrote.

What do you think about this Citi executive’s stance on bitcoin? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

RELATED NEWS

Citigroup: Bitcoin Is at a Tipping Point, Could Become Preferred Currency for International Trade

Citigroup says bitcoin is at a tipping point and the cryptocurrency could become “the currency of choice for international trade.†The firm wrote in a report that “we could be at the start of massive transformation of cryptocurrency into the mainstream.†Bitcoin Is at the Tipping Point, Citi Says Citigroup’s Global Perspectives & Solutions (GPS) […]

Xem chi tiết: Citigroup: Bitcoin Is at a Tipping Point, Could Become Preferred Currency for International Trade

$200 Billion in Fines: Mega Banks Rack up Penalties From Illegal Activities

Top U.S. banks have racked up almost $200 billion in fines and penalties over the past 20 years from illegal activities in 395 major legal cases. Bank of America tops the list, followed by JPMorgan, Citigroup, and Wells Fargo, according to a new report, which also covers Morgan Stanley and Goldman Sachs. Big Banks’ $200 […]

Xem chi tiết: $200 Billion in Fines: Mega Banks Rack up Penalties From Illegal Activities

$200 Billion in Fines: Mega Banks Rack up Penalties From Illegal Activities

Top U.S. banks have racked up almost $200 billion in fines and penalties over the past 20 years from illegal activities in 395 major legal cases. Bank of America tops the list, followed by JPMorgan, Citigroup, and Wells Fargo, according to a new report, which also covers Morgan Stanley and Goldman Sachs. Big Banks’ $200 […]

Xem chi tiết: $200 Billion in Fines: Mega Banks Rack up Penalties From Illegal Activities

Microstrategy Completes $650 Million Capital Raise to Fund More Bitcoin Purchases

Microstrategy Inc. has raised $650 million from the sale of convertible senior notes so that it could buy more bitcoin. In a note to investors on Dec. 11, the business intelligence and mobile software firm said it completed the sale of $650 million in convertible bonds to private investors at 0.75% interest per year. The […]

Xem chi tiết: Microstrategy Completes $650 Million Capital Raise to Fund More Bitcoin Purchases

Citigroup Downgrades Microstrategy to ‘Sell’ Rating Over ‘Aggressive’ Bitcoin Purchases

Citigroup has downgraded the Nasdaq-listed, pro-bitcoin Microstrategy to a “sell†rating after the company announced that it would offer $400 million convertible senior notes to buy more bitcoin. Microstrategy currently holds about 40,824 bitcoins. Citi Analyst Uncomfortable With Microstrategy’s ‘Disproportionate Focus on Bitcoin’ While Citigroup has recently been bullish on bitcoin, Citi analyst Tyler Radke […]

Xem chi tiết: Citigroup Downgrades Microstrategy to ‘Sell’ Rating Over ‘Aggressive’ Bitcoin Purchases

Citibank Executive Says Bitcoin Could Pass $300K by December 2021

A senior executive at U.S.-based financial giant Citibank has penned a report drawing on similarities between the 1970s gold market and bitcoin. The whole of bitcoin‘s existence has been characterized by major price swings, “exactly the kind of thing that sustains a long-term trend,†said Thomas Fitzpatrick, a managing director at Citibank, in his report […]

Xem chi tiết: Citibank Executive Says Bitcoin Could Pass $300K by December 2021

Nigerian Blockchain Educator Says Uncertain Regulations and Scams Slow Adoption of Cryptocurrencies

With a population of over 200 million, Nigeria is widely regarded as one the biggest crypto markets in the world. Some in the crypto world believe Nigeria is one of the few countries better placed to see a greater acceptance of digital currencies. However, despite this optimism, the Nigerian crypto industry continues to be plagued […]

Xem chi tiết: Nigerian Blockchain Educator Says Uncertain Regulations and Scams Slow Adoption of Cryptocurrencies

EQUOS: Industry Heavyweights Join Forces to Debate the Future of Digital Money

press release PRESS RELEASE. April 15, 2021, Singapore: EQUOS, the institutional cryptocurrency exchange owned by Diginex (Nasdaq: EQOS), will host an exclusive webinar between Roger Ver, the famous Founder of Bitcoin.com, and Richard Byworth, CEO of Diginex, the first Nasdaq-listed company with a cryptocurrency exchange. They will debate the ‘Future of Digital Money’ and examine […]

Xem chi tiết: EQUOS: Industry Heavyweights Join Forces to Debate the Future of Digital Money

DOGE Taps a Lifetime Price High, Mark Cuban Says Dallas Mavs Shop Won’t Sell Its Dogecoin

Former South Korean Social Media Giant in Talks ‘With Major Gaming Companies’ to Implement Its Crypto

Investors File Class Action Lawsuit Before the National Court of Spain Over an Alleged $298M Crypto Scam

US President Biden Pushes for More Stimulus, One Million ‘Plus-up’ Payments Go out This Week

BENQI Closes $6M Round to Create Algorithmic Liquidity Market on Avalanche

Over $750 Million in Bitcoin from the 2016 Bitfinex Hack Moved Today

Brazil’s Central Bank President Expects to Have News on a CBDC ‘Soon’

Popular Nightclub E11even Miami Reveals Cryptocurrency Payment Acceptance

Other Articles