Strategist at Southeast Asia's largest bank DBS Says Bitcoin is Unique Regardless of Price - Bitcoin Featured News

Strategist at Southeast Asia’s largest bank DBS Says Bitcoin is Unique Regardless of Price – Bitcoin Featured News

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

DBS Strategist on Bitcoin Uniqueness

DBS investment analyst Daryl Ho spoke about bitcoin in a recent briefing, Finews Asia reported on Friday. “If we just look at the price basis only, you will see a lot of volatility and that doesn’t tell you much about the benefits it actually brings,” he explained, explaining:

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

Ho proceeded to point out that Bitcoin’s uniqueness is not driven by its price but rather its utility which allows value to be transferred in a decentralized manner without the need for a central counterparty to redeem the trade, the post quoted.

“Most of the ways that assets are traded requires a central clearinghouse to verify the trade,” Hu explained, adding that bitcoin presents an opportunity that fiat money does not. “Because monetary systems are still governed by central banks,” the strategist emphasized, “Bitcoin’s 13-year track record boosts confidence in the cryptocurrency.”

He continued, “If you held some of the regulated assets at the beginning of February, you might not have been able to liquidate them as you wish because sometimes, the stock exchanges were closing,” stressing:

But the bitcoin market was open 24/7. So there was a way for you to collect cash and cash, if needed. Before Bitcoin, there was no way he could do that.

DBS launched the digital asset exchange in December 2020. The platform supports the trading of four cryptocurrencies: Bitcoin, Bitcoin Cash, Ether, and XRP. In August, the bank disclosed the high volume of trading on the digital asset exchange, stating that “investors who believe in the long-term prospects of digital assets are gravitating towards reliable and regulated platforms to access the digital asset market.” Last month, DBS launched self-trading cryptocurrency via its Digibank app.

Piyush Gupta, CEO of DBS Bank Group, said in March that he did not believe cryptocurrency would become money, but stated that it “could be a substitute for gold and its value.” The bank also recently entered the metaverse by partnering with Sandbox.

What do you think of the DBS investment strategist’s comments about Bitcoin? Let us know in the comments section below.

Kevin Helms

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

photo credits: Shutterstock, Pixabay, Wikicommons

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