An funding strategist at Southeast Asia’s largest financial institution, DBS, says bitcoin is exclusive whether or not the worth adjustments or not. “If we simply look purely on a worth foundation, you will note numerous volatility and that doesn’t inform you a large number about what advantages it truly brings,” the DBS strategist emphasised.
DBS Strategist on Bitcoin’s Uniqueness
DBS funding strategist Daryl Ho talked about bitcoin in a current media briefing, Finews Asia reported Friday. He defined, “If we simply look purely on a worth foundation, you will note numerous volatility and that doesn’t inform you a large number about what advantages it truly brings,” elaborating:
I believe bitcoin continues to be distinctive whether or not the worth adjustments or not.
Ho proceeded to level out that bitcoin’s uniqueness just isn’t pushed by its worth however quite its utility that enables worth transfers in a decentralized method with out the necessity for a central counterparty to clear the commerce, the publication conveyed.
“Many of the strategies by which you commerce belongings require a central clearing social gathering to confirm the commerce,” Ho detailed, including that bitcoin presents a chance that fiat cash doesn’t supply. “As a result of fiat financial methods are nonetheless ruled by central banks,” the strategist pressured, noting that bitcoin’s 13-year monitor file additional boosts confidence within the cryptocurrency.
“If you happen to had been holding onto sure rationed belongings initially of February, it’s possible you’ll not have been in a position to liquidate them at will as a result of generally, exchanges had been closed,” he continued, emphasizing:
However the bitcoin market was open 24/7. So there was an avenue so that you can elevate money and liquidity, if crucial. Earlier than bitcoin, there has by no means been any avenue that would do that.
DBS launched a digital asset change in December 2020. The platform helps the buying and selling of 4 cryptocurrencies: bitcoin, bitcoin money, ether, and XRP. In August, the financial institution revealed that the buying and selling quantity on its digital asset change soared, noting that “Buyers who imagine within the long-term prospects of digital belongings are gravitating in direction of trusted and controlled platforms to entry the digital asset market.” Final month, DBS rolled out self-directed crypto buying and selling by way of its Digibank app.
Piyush Gupta, the CEO of DBS Financial institution Group, mentioned in March that he doesn’t assume cryptocurrency will change into cash however acknowledged that “it may be a substitute for gold and its worth.” The financial institution additionally not too long ago entered the metaverse by partnering with The Sandbox.
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