Bitcoin is “unique” regardless of price, says strategist at Asia’s largest bank
DBS, the largest bank in Southeast Asia, has some opinions on Bitcoin and other cryptocurrencies. Digitized cryptocurrency trading was only made available to the company’s high-rolling customers as recently as last month.
DBS Digital Exchange is a platform for businesses and other organizations interested in entering the cryptocurrency market.
You can only buy and sell BTC, BCH, ETH and XRP on this exchange at the moment. But this is not the only optimistic view DBS has of digital currency.
Their strategists have recently been quoted as saying that Bitcoin is in a class of its own. The market is down, so this is a strong remark. BTC is having a hard time breaking above the $20k resistance level.
DBS’s announcement could provide the necessary boost to the cryptocurrency sector, which has seen increasing institutional interest in cryptocurrencies.
Image: Business Insider
DBS on the crypto roll
DBS has other initiatives in the blockchain and cryptocurrency industry, not just DBS Digital Exchange. After forming a partnership with The Sandbox on September 11, the firm officially joined the Metaverse market.
Although the cryptocurrency market is experiencing a bear market at the time of writing, the company’s CEO Piyush Gupta still supports it.
In a recent media briefing hosted by finews.asia, Daryl Ho, an investment strategist for DBS, stated, “I think Bitcoin is unique regardless of price fluctuations,” which matches Gupta’s claim that Bitcoin is an alternative to gold. Ho also highlighted the distinction between regular and cryptocurrency marketplaces.
Ho stated that cryptocurrencies, and Bitcoin in particular, are exceptional because of the advantage they provide in value transfer without intermediaries, which is the concept behind DeFi or decentralized finance.
In addition, he emphasized the 24-hour nature of the cryptocurrency market, which makes generating capital and liquidity faster than the old market structure. Ho added that this component of Bitcoin is not widely recognized.
How does this affect the crypto market?
With the cryptocurrency market in a slump, this comment may inspire optimism in the market’s eventual maturation. Based on data from Coingecko, Bitcoin’s market performance is negative on a weekly, biweekly and monthly basis.
This is due to the correlation between the cryptocurrency market and the broader financial market, which is influenced by macroeconomic factors. This statement has the potential to strengthen market confidence while the inflationary situation persists.
As the crypto industry grows and firms and organizations identify more use cases for cryptocurrencies, we can expect an increase in the number of businesses entering the cryptocurrency sector.
BTCUSD pair trading at $19,137 on the weekend chart | Featured image from Image: Addiction/Recovery eBulletin, Chart: TradingView.com
