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Usha Yadav
Oct 14, 2022
by Usha Yadav

DBS Bank Dubs Bitcoin as 'Unique' Despite its Volatile Nature

DBS bank

Table of contents

  1. Bitcoin’s Unique Factor
According to a report by finews.asia published on October 14, despite worries about ongoing market volatility, DBS believes Bitcoin (BTC) still presents a unique opportunity since it allows for continuous trading without the need for a significant party to clear transactions. DBS investment strategist Daryl Ho said:
"I think Bitcoin is still unique whether the price changes or not. If we look purely on a price basis, you will see a lot of volatility that doesn't inform you much about what benefits it brings."

Bitcoin’s Unique Factor

Ho asserts that Bitcoin's uniqueness is not based on its price but on its usefulness in enabling decentralized money transfers without requiring a central counterparty to settle the contract. DBS has been steadily expanding its business in the asset class, mainly through its DBS Digital Asset Exchange (DDEx), which saw transaction volumes double from April to June.

“If you were holding onto certain rationed assets as the start of February, you may not have been able to liquidate them at will because sometimes, exchanges were closed,» he explained.”

The bank recently started extending access to its institutional, family office, and private banking clients and wealthier customers. The cryptocurrency market had a challenging year in 2022, losing roughly $1 trillion. As this year is on track to break the previous record for the value of cryptocurrency stolen, which presently stands at $3 billion, security issues have also come to light.

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DBS Bank Bitcoin DBS investment strategist Daryl Ho
DBS Bank Dubs Bitcoin as 'Unique' Despite its Volatile Nature
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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