Bitcoin evangelist Max Keiser says that BTC has the potential to become the new base layer currency and replace the entire $5 trillion foreign exchange (FX) market.
In an episode of the Keiser Report, the Wall Street veteran takes note of Citibank’s recent report that argues Bitcoin has an advantage in global payments due to its decentralized, deflationary, and secure nature, which are characteristics that put the flagship cryptocurrency in a position to go mainstream.
Keiser highlights that Bitcoin’s advantages as a medium of exchange in global payments are already making banks, including Citibank, obsolete.
“It’s happening right now because the transaction is the settlement, so you don’t need Citibank. It obviates Citibank. It makes Citibank redundant, as are all banks, redundant with Bitcoin. I can trade with you as a currency and it doesn’t require any bank. It doesn’t require a central bank.”
