Citibank’s David Bailin thinks that bitcoin will succeed because of the level of interest from financiers. While mentioning that the cryptocurrency can be part of a portfolio, the executive sees much better financial investment chances than bitcoin in”giant unstoppable patterns.”Bitcoin’Is Going to Succeed,’ Citi Executive Predicts David Bailin is Managing Director and Chief Financial Investment Officer (CIO) at Citi Private Bank, a subsidiary of Citigroup committed to serving wealthy individuals and households. He is listed on the Citibank site as a “wealth professional.” Bailin discussed bitcoin in an interview with Yahoo Financing Wednesday. He stated:

I tell people there’s no doubt that I believe bitcoin is going to succeed due to the fact that of the level of interest that’s originating from everybody.

Nevertheless, the Citi executive noted that it “scares” him “on a basic basis.” Bailin signed up with Citi in 2009 as the Global Head of Managed Investments and was promoted to Worldwide Head of Investments in October of 2017.

Bailin explained that “At Citi Private Bank and at Citi Global Wealth, we are truly focused on this idea of core and opportunistic investing.” The former represents 85% or more of the overall holding in a conventional portfolio and is concentrated on “essential investing.” The latter is where Citi customers can pick to have exposure to bitcoin.

The Citi Private Bank CIO cautioned:

To get that exposure to bitcoin, if you don’t own the actual bitcoin, any of these funds or structures can be a really, really inefficient method to do that.

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

CIO Trying To Find Ways to Provide Customers Direct Exposure to Bitcoin However Sees Much Better Opportunities In Other Places

Bailin stated he has been taking a look at methods to offer his customers exposure to bitcoin, including a “overall return swap” that might enable clients to “buy the rate gratitude of the real digital currency.” He believed, “I think that’s most likely the most efficient way to do it.”

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

These kinds of giant unstoppable trends, as we call them, are truly fantastic financial investment chances, that are most likely in the long term, or in my view absolutely in the long term, method much better than bitcoin.

He added that with these investments, “you can recognize them, you can quantify them, you can find business that are engaging them and you can see that the size of the market we are speaking about is remarkable.”

Previously this month, Citigroup released an in-depth report specifying that bitcoin is at a tipping point and could end up being the favored currency for global trade. “We could be at the start of massive improvement of cryptocurrency into the mainstream,” the firm wrote.

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

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This post is for informative functions just. It is not a direct deal or solicitation of an offer to buy or sell, or a recommendation or endorsement of any items, services, or business. Bitcoin.com does not provide investment, tax, legal, or accounting recommendations. Neither the business nor the author is accountable, straight or indirectly, for any damage or loss triggered or alleged to be triggered by or in connection with the use of or dependence on any content, items or services discussed in this post.