Why Financial Times was wrong, and why Citi’s bitcoin report was not really ‘embarrassingly bad’

This was a bit of a shock when we’ve witnessed how the Financial Times has openly bashed a major financial institution in their piece. They chose Citi, and the reason for it was their recently published bitcoin report. According to the FT, it was ‘embarrassingly bad’, but was it really? Let’s have a look at whether they were right or maybe have rushed their opinions.

Their article is a really snappy piece that’s dismantling Citi’s arguments one after another. The report published by the bank has been put together by its GPS (Global Perspectives & Solutions) division. And while the FT has recommended their reader to not even try to go through this report, we should first think for a while whether it was really targeted at the (average) FT reader? Because in our, and Disruption Banking’s Joel Oluwatobi it was not.

The two VIP guests

Just by looking briefly at the report, we can see that amongst all the high-level experts, there are two personalities really standing out. Even the construction of the whole report kind of highlights these two gentlemen. They are both really influential people in the FinTech world, and we should really consider whether their presence hasn’t been key to the final product we received from Citi.

The first expert is BlocFi’s CEO and the founder of the company, Zac Prince. There is no doubt that his firm has been progressing impressively in the last two years. The second expert is Uniswap’s Strategy Lead, Matteo Leibowitz. Uniswap is another firm that has been doing impressively in the last months and even managed to IPO not that long ago.

Should you want to understand the whole background of why both these companies could have wanted to be included in the report, read the great analysis of the topic that has been written and published by Joel Oluwatobi from Disruption Banking. He’s also giving his verdict on whether the report was that bad: https://disruptionbanking.com/2021/04/07/hey-citi-your-bitcoin-report-is-not-embarrassingly-bad/.

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