DBS Bank CEO Says Bitcoin Will Rise in Importance as Store of Value

Bitcoin (BTC) Price Level Consolidates Below $30K Level
  • Crypto would only experience rapid development in the narrow sector.
  • DBS has launched an in-house crypto exchange for the first time in the field.

More traditional financial institutions are now recognizing Bitcoin and other cryptocurrencies. Like gold, cryptocurrencies like Bitcoin will continue to rise in importance as a store of value, according to the CEO of DBS Bank, Piyush Gupta.

In the bank’s annual report, Gupta said the above. He did, however, point out that this may be the extent of people’s acceptance of cryptocurrencies. According to the CEO of Singapore’s and Southeast Asia’s biggest bank by assets, cryptocurrencies have decreased in several areas, making them not a viable form of payment in the future.

He said that the issuer’s lack of ubiquity, lack of confidence, and high volatility in value are the main reasons why cryptocurrencies would not replace state-backed money anytime soon. He also believes that regulators and politicians who do not want to control monetary policy and economic management would strongly oppose crypto.

Based on his market evaluation, he thinks that crypto would only experience rapid development in the narrow sector where it is used to hold value. On the other hand, the CEO emphasized that CBDCs were becoming more popular throughout the world. According to him, 85 percent of central banks around the globe are actively “studying and/or piloting CBDCs,” and it is evident that the world is moving in this direction. It should be pointed out that CBDC use cases were mostly for cross-border rather than local payments.

The Asian-focused branch of the global bank, with operations in more than 20 countries, has shown a strong interest in cryptocurrencies. DBS has launched an in-house crypto exchange for the first time in the field.

An engineering graduate who is passionate about writing and loves the very existence of crypto. Trading forex currency keeps me busy when I am not writing and analysing the crypto world.