Citi Bank’s Chief Investment Officer (CIO) and Managing Director David Bailin, says that Bitcoin will continue to do well because of the high degree of market interest. Although acknowledging that cryptocurrencies can be part of a portfolio, the executive is optimistic about investment prospects in “giant unstoppable trends” than bitcoin.
Citi Private Bank is a Citigroup division committed to servicing wealthy people and families. On the Citibank website, David Bailin is referred to as a “money specialist.” Bailin gave these views about Bitcoin when he was interviewed with Yahoo Finance on Wednesday.
Citi is a Central and Opportunistic Investment
Bailin clarified that at Citi Global Wealth and Citi Private Bank, the idea of central and opportunistic investment is very important. In a conventional portfolio, the CIO represents 85% or more of the overall holdings and is based on “fundamental investing.” Citi clients may opt to have exposure to bitcoin in the latter scenario.
Citi announced in January the establishment of a new wealth management company, Citi Global Wealth, which incorporates wealth management teams from Global Consumer Banking (GCB) and the Institutional Clients Division (ICG)
Bailin Looking for ways to give BTC exposure
Bailin mentioned that he has been looking at options to provide his clients with exposure to Bitcoin, such as “absolute return swap” that would encourage clients to cash in the real digital currency’s price growth. He is certain that it is the most effective way to do it.
Opportunities in Giant Unstoppable Trends
While bitcoin is the talk of the town, the Citibank wealth analyst claims that there are better prospects for Citi clients in “unstoppable trends” such as big data, satellite technologies, solar, and others.
He went on to say that these kinds of investments can be defined, measured, and businesses that are investing in them located.
Citigroup issued an in-depth analysis earlier this month, claiming that Bitcoin has hit a tipping point and has the potential to become the preferred currency for foreign trading.