One of the strategists at DBS (the biggest bank in Southeast Asia) appreciated Bitcoin for its uniqueness.
Daryl Ho, who is an investment strategist at DBS, said in his recent briefings to Finews Asia that there is nothing as unique as Bitcoin.
Southeast Asian Major Banking Player Applauds Bitcoin
Elaborating further, he said that if one examines the basis for Bitcoin’s base price, then one would find massive volatility in it. However, the volatility does not unravel the benefits, that this volatility is capable of providing.
Ho said that regardless of whatever the price is and what it is going to be, there is nothing that can alter Bitcoin’s uniqueness.
He even went on to state that surprisingly the value of Bitcoin is not determined on the basis of its uniqueness. Instead, it is the utility of transferring value without depending on centralized mediums, which drives Bitcoin’s price.
Bitcoin Appreciated For Its Uniqueness
Ho explained that if one were to transfer value in a traditional way one would need to deal with intermediaries i.e. central clearing parties. Resultantly, there are deductions at several ends until the transfer takes effect.
He pointed out that the global monetary system is purely governed and controlled by the respective central banks of the world. On the contrary, Bitcoin is decentralized and hence offers unique opportunities that fiat doesn’t.
Bitcoin Enjoys DBS’s Confidence
The investment strategist further suggested that the continuation of Bitcoin for over 13 years has further increased the user’s trust and confidence. The same confidence is driving the global crypto economy, said Ho.
He gave an example that if somebody wanted to discharge rationed assets in February, then he could not do so because the exchange was not open.
However, Bitcoin is free from such restrictions because if one were to sell the asset, he can do so at a time convenient to him. This is so because the Bitcoin market remains open 24/7 without taking a nap, emphasized Ho.
First Southeast Asian Bank to Launch Crypto Exchange
Earlier in December 2020, DBS was the first bank in Southeast Asia to have launched an exchange exclusively for digital currencies. The exchange supported four major digital currencies namely Bitcoin, BCH, XRP, and Ethereum.
In August this year, DBS made a statement revealing that its exchange’s daily crypto trade volume has sparked enormously.
The bank further suggested that long-term investors prefer to trade in crypto preferably with institutions like banks, which are regulated. In September, DBS successfully launched its crypto trading app called Digibank app.
Crypto – Gold’s Alternate
Even the bank’s CEO namely Piyush Gupta made a statement appreciating cryptocurrencies. He said that he does not believe that crypto is an alternative to money yet they could be at best stores of value and may overcome Gold.
DBS is also the first bank in the Southeast Asian region, which has transformed its interest in the metaverse into a partnership with The Sandbox.