Bitcoin Is ‘Unique’ Regardless of Price, Strategist at Asia’s Largest Bank Says
DBS, the largest bank in Southeast Asia, has some opinions on Bitcoin and other cryptocurrencies. Trading in digitized cryptocurrencies was only available to the company’s high-end clients last month. DBS Digital Exchange is a platform for companies and other organizations interested in entering the cryptocurrency market. At the moment, you can only buy and sell BTC, BCH, ETH, and XRP on this exchange. But that’s not the only optimistic view DBS has on the digital currency.
Its strategists were recently quoted as saying that Bitcoin is in a class of its own. The market is bearish so this is a strong comment. BTC is struggling to break the $20,000 resistance level. The DBS announcement could provide a much-needed boost to the cryptocurrency sector, which is seeing growing institutional interest in cryptocurrencies.
DBS On the Crypto Roll
After partnering with The Sandbox on September 11th, the company officially joined the Metaverse marketplace. Although the cryptocurrency market is in a bear market at the time of writing, the company’s CEO, Piyush Gupta, still supports it. At a recent press conference hosted by finews.asia, Daryl Ho, investment strategist at DBS, stated, “I think bitcoin is a unique, regardless of price volatility,” consistent with Gupta’s claim that bitcoin is an alternative to gold.
H explained the differences between regular and cryptocurrency markets. Ho explained that cryptocurrencies, and Bitcoin in particular, are unique due to the advantage they offer in transferring value without an intermediary, which is the concept behind DeFi, or decentralized finance. In addition, he emphasized the 24-hour nature of the cryptocurrency market, which makes capital and liquidity generation faster than the old market structure. He also said that, this component of Bitcoin is not mostly recognized.
How Does This Affect the Crypto Market?
As the cryptocurrency market is in a downturn, this comment may inspire optimism regarding the eventual maturation of the market. According to data from Coingecko, Bitcoin market performance is negative weekly, biweekly and monthly.
This is due to the correlation between the cryptocurrency market and the financial market in general, which is influenced by macroeconomic factors. This statement has the potential to boost market confidence as long as the inflationary situation persists. As the crypto industry grows and companies and organizations identify more crypto use cases, we can expect an increasing number of companies to enter the crypto industry.
