Strategist at Southeast Asia’s Largest Bank DBS Says Bitcoin Is Unique Regardless of Price – Featured Bitcoin News

An investment strategist at Southeast Asia’s largest bank, DBS, says bitcoin is unique whether the price changes or not. “If we just look purely on a price basis, you will see a lot of volatility and that doesn’t inform you a lot about what benefits it actually brings,” the DBS strategist emphasized.

DBS Strategist on Bitcoin’s Uniqueness

Finews Asia reports that DBS’ investment strategist Daryl Ho spoke about bitcoin at a media briefing. He explained, “If we just look purely on a price basis, you will see a lot of volatility and that doesn’t inform you a lot about what benefits it actually brings,” elaborating:

You can still use bitcoin regardless of the current price.

Ho proceeded to point out that bitcoin’s uniqueness is not driven by its price but rather its utility that allows value transfers in a decentralized manner without the need for a central counterparty to clear the trade, the publication conveyed.

“Most of the methods by which you trade assets require a central clearing party to verify the trade,” Ho detailed, adding that bitcoin presents an opportunity that fiat money does not offer. “Because fiat monetary systems are still governed by central banks,” the strategist stressed, noting that bitcoin’s 13-year track record further boosts confidence in the cryptocurrency.

“If you were holding onto certain rationed assets at the start of February, you may not have been able to liquidate them at will because sometimes, exchanges were closed,” he continued, emphasizing:

The bitcoin market is open 24 hours a day. There was an option to get liquidity and cash, should you need it. There was no other avenue before bitcoin.

DBS created a digital currency exchange in December 2020. This platform allows traders to trade four crypto currencies: bitcoin, bitcoin Cash, Ethereum, and XRP. In August, the bank revealed that the trading volume on its digital asset exchange soared, noting that “Investors who believe in the long-term prospects of digital assets are gravitating towards trusted and regulated platforms to access the digital asset market.” Last month, DBS rolled out self-directed crypto trading via its Digibank app.

Piyush Gupta, the CEO of DBS Bank Group, said in March that he does not think cryptocurrency will become money but stated that “it can be an alternative to gold and its value.” The bank also recently entered the metaverse by partnering with The Sandbox.

What do you think about the DBS investment strategist’s comments about bitcoin? Please leave your comments below.

Kevin Helms

Kevin is a graduate of Austrian Economics. He discovered Bitcoin in 2011, and has been an advocate ever since. His main interests are in Bitcoin security, open source systems, network effects, cryptography, and intersections between economics, cryptography, and Cryptography.

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