Earlier this week, the Citi Group team released a report explaining that Bitcoin is at the crossroads and could “become the currency of choice for international trade” in the next seven years.
Citi analysts seem confident that Bitcoin is on the verge of mainstreaming. According to the report, Tesla and Mastercard’s Bitcoin steps further strengthened Bitcoin’s huge potential.
“There are some risks and obstacles standing in the way of bitcoin progress. But comparing these potential obstacles with the possibilities, it is concluded that Bitcoin is at a critical threshold. ”
In the final parts of the report, the Citi team first explored the role Chainlink plays in the smart contract space, pointing out that Chainlink is recognized by the World Economic Forum among the 100 most promising Technology Pioneers of 2020. Also, Chainlink network; Other blockchains such as Tezos and Polkadot have also been adopted, continuing to go beyond the original Ethereum network. As a result, the use of Chainlink technology could eventually lead to the LINK token being prominent on Bitcoin as explained below.
“Developers using the Chainlink network pay with LINK, the protocol’s native token. Therefore, a token that helps facilitate the growth of the on-chain ecosystem may gain importance over time over Bitcoin as it becomes increasingly critical to the functioning of the blockchain infrastructure. Therefore, it is already possible to envision a trade-linked or infrastructure-linked coin that could eventually overshadow Bitcoin. Innovation in the Chain-based ecosystem continues rapidly, and today’s offerings could lead to a new invention that is gaining more interest and assets from Bitcoin. “