Last Updated on October 16, 2022 by Bitfinsider
The largest bank in Southeast Asia, DBS, shared opinions about cryptocurrencies like Bitcoin. Only last month was digital cryptocurrency trading made available to the company’s wealthiest clients.
For companies and other organizations interested in breaking into the cryptocurrency industry, there is DBS Digital Exchange.
On this exchange, you may only currently buy and sell BTC, BCH, ETH, and XRP. But this isn’t DBS’s only upbeat view on cryptocurrencies.
According to recent quotes from its strategists, Bitcoin is in a league of its own. This is a powerful statement given the current state of the market. BTC is struggling to overcome the $20k resistance level.
The DBS statement might provide the cryptocurrency industry, which has been experiencing an increase in institutional interest in cryptocurrencies, the push it needs.
The Crypto Roll Of DBS
In addition to the DBS Digital Exchange, DBS has various efforts in the blockchain and cryptocurrency sectors. On September 11, the company entered the Metaverse market by partnering with The Sandbox.
The CEO of the company, Piyush Gupta, continues to back cryptocurrencies despite the bad market they are currently in.
Daryl Ho, an investment strategist with DBS, said in a recent media conference organized by finews.asia: “I think Bitcoin to be unique regardless of market changes,” which is consistent with Gupta’s claim that Bitcoin is a substitute for gold. Ho also emphasized the differences between traditional and cryptocurrency markets.
Ho claimed that the benefit of value transmission without an intermediary, which is the idea underlying DeFi or decentralized finance, makes cryptocurrencies, and Bitcoin in particular, remarkable.
Furthermore, he highlighted the cryptocurrency market’s 24-hour nature, which facilitates creating capital and liquidity faster than the previous market structure. Ho said that not many people are familiar with this aspect of Bitcoin.
What Impact Will This Have On The Crypto Market?
This statement might make people more optimistic about the future development of the bitcoin market, which is now in a downturn. Using Coingecko statistics, it can be seen that the market performance of Bitcoin is poor on a weekly, bimonthly, and monthly basis.
This is because the cryptocurrency market and the larger financial market, both of which are impacted by macroeconomic issues, are correlated. While there is still inflation, this comment may help to boost market confidence.
We may predict a rise in the number of companies entering the cryptocurrency market as the industry matures and businesses and organizations discover new applications for cryptocurrencies.
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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.