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

An investment strategist at Southeast Asia’s largest bank DBS says that bitcoin is unique whether or not the price changes. “If you only look at the price, you will see a lot of volatility and that does not tell you much about the benefits that it actually brings,” the DBS strategist emphasized.

DBS Strategist on the Uniqueness of Bitcoin

DBS investment strategist Daryl Ho discussed bitcoin at a recent press conference, Finews Asia reported on Friday. He explained: “If you just look at the price, you’ll see a lot of volatility and that doesn’t tell you much about the benefits it actually brings,” explaining:

I think bitcoin is still unique whether the price changes or not.

Ho went on to point out that the uniqueness of bitcoin is not driven by its price but by its utility that allows value transfers in a decentralized manner without the need for a central counterparty to settle trade, the post relayed.

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

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

But the bitcoin market was open 24/7. So there was an avenue for you to raise cash and liquidity, if needed. Before Bitcoin, there has never been any avenue that could do this.

DBS launched a digital asset exchange in December 2020. The platform supports trading of four cryptocurrencies: bitcoin, bitcoin cash, ether, and XRP. In August, the bank revealed that trading volume on its digital asset exchange soared, noting that “investors who believe in the long-term prospects of digital assets are gravitating toward trusted and regulated platforms to access the asset market.” digital”. Last month, DBS launched self-directed crypto trading through its Digibank app.

Piyush Gupta, CEO of DBS Bank Group, said in March that he does not believe cryptocurrencies 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 of the DBS investment strategist’s comments on bitcoin? Let us know in the comments section.

kevin helms

Kevin, an Austrian economics student, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in the security of Bitcoin, open source systems, network effects, and the intersection between economics and cryptography.

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