Thoughts on Citi’s Announcement “Citi Pitches Money-Moving ‘CrownJewel’ as Central to Revamp”

This announcement by Citi is significant, especially for the “crypto” world. Moving money-moving (per Bloomberg article below), transfer, remittances, etc. to the fore, seems to put the question of what “cryptos” are, in essence, squarely in focus. It will because other global money centre banks et al. will follow suit. That then crowds the market for said money-moving, transfers, remittances, etc.

Extrapolating & assuming that that crowding en masse occurs, and to further use old money parlance, the very notions of ‘mediums of exchange’ & ‘stores of value’ will now (or eventually) become pitted against the modern idea of “cryptos” being (or becoming with all due respect) a stand alone asset. Arguendo, a fairly reasonable argument could be made that IMF SDRs (i.e., Lord JM Keynes’s brainchild) in the late 1950s/1960s underwent a similar sort of scrutiny. These - viz., “cryptos” - are all new assets after all, especially if one believes the stratospheric rise in underlying valuations/prices.

Anyway, and if true, then markets, pundits, speculators & the like will no doubt grapple over what exactly the meaning of that/this “crypto” asset is.

News Article – ref. (Tues) 18 June, 2024 Bloomberg News Yahoo Finance E-link: https://finance.yahoo.com/news/citi-pitches-money-moving-crown-202959138.html

GCY Associates LLC _ NPPFA White Paper _ Quick Thoughts to Announcement _ Citi Pitches Mon

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