An funding strategist at Southeast Asia’s largest financial institution, DBS, says bitcoin is exclusive whether or not the value modifications or not. “If we simply look purely on a value foundation, you will notice lots of volatility and that doesn’t inform you numerous 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 latest media briefing, Finews Asia reported Friday. He defined, “If we simply look purely on a value foundation, you will notice lots of volatility and that doesn’t inform you numerous about what advantages it truly brings,” elaborating:
I believe bitcoin remains to be distinctive whether or not the value modifications or not.
Ho proceeded to level out that bitcoin’s uniqueness will not be pushed by its value however fairly 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.
“A lot of the strategies by which you commerce property 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 techniques are nonetheless ruled by central banks,” the strategist pressured, noting that bitcoin’s 13-year observe document additional boosts confidence in the cryptocurrency.
“In case you had been holding onto sure rationed property firstly of February, you could not have been in a position to liquidate them at will as a result of typically, exchanges had been closed,” he continued, emphasizing:
However the bitcoin market was open 24/7. So there was an avenue so that you can increase money and liquidity, if mandatory. Earlier than bitcoin, there has by no means been any avenue that might 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 “Traders who imagine in the long-term prospects of digital property 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, stated in March that he doesn’t assume cryptocurrency will turn out to be cash however said 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.
What do you consider the DBS funding strategist’s feedback about bitcoin? Tell us in the feedback part beneath.
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