DBS bank Says Bitcoin is ‘special’ despite its market volatility

The year 2022 was a difficult one for the cryptocurrency industry, which lost nearly $1 trillion in value. Concerns over security have also been raised, since $3 billion worth of stolen cryptocurrency is expected to establish a new record this year.

According to a report published by finews.asia on October 14, despite current market volatility, DBS thinks Bitcoin (BTC) continues to provide a “unique” possibly due to its ability to participate in continuous trading without requiring a central party for clearing transactions.

Daryl Ho, a DBS investment strategist, stated: “I believe Bitcoin to be unique regardless of price fluctuations. If you just consider the price, you will notice a great deal of instability, which does not tell you anything about the real advantages.

Ho argues that Bitcoin’s unique selling point isn’t its price but rather the convenience it provides by facilitating decentralized, third-party money transfers without the requirement for a centralized counterparty to settle the contract.

Ho said: However, the Bitcoin market was available 24/7. Therefore, you have the option to generate capital and liquidity if required. 

DBS has been steadily expanding its operations in the asset class, most notably via its DBS Digital Asset Exchange (DDEx), where transaction volumes doubled from April to June of this year.

The bank has lately expanded its access offerings to include its wealthiest clients in addition to its institutional, family office, and private banking patrons.

Also Read: Someone Mined $70,000 Worth Of XEN By Abusing FTX’s Withdrawal Fee Subsidy

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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