TechFlow news, December 6 — According to CoinDesk, a recent research report from Citigroup indicates that the nomination of cryptocurrency-friendly Paul Atkins as SEC chair has become the final catalyst pushing Bitcoin past $100,000.
Citigroup stated that Bitcoin's price continues to be supported by sustained inflows into ETFs, while increased cryptocurrency adoption brings additional buying pressure. The macro environment remains favorable for digital assets, with accommodative financial conditions and resilient economic growth providing support for crypto tokens. The bank believes that in a more lenient regulatory environment, altcoins could see greater gains. In the long term, Citigroup suggests that a network’s utility or value will be tied to its usage, macro correlations, and production costs.
The report added that a new, more favorable regulatory framework could enable broader applications for blockchain-based assets. While looser crypto policies may expand the asset class overall, Citigroup noted that Bitcoin—already classified as a commodity and with both spot ETFs and futures contracts available—stands to gain less compared to other tokens.
