The investment strategist at DBS Bank ignored the price volatility of Bitcoin and appreciated it as a unique technology.
As all of us know very well, the all-time high of Bitcoin was $69k, which hit in 2021 under the influence of Tesla CEO Elon Musk & bull run sentiment. But now the current price of Bitcoin is $19,152, which is 68.5% down over the last 12 months’ trade price value.
Despite the downturn in the whole crypto market including Significant plunge in Bitcoin price, people are continuously increasing their Inclination toward this innovative industry.
On 14 October, finews.asia reported that Daryl Ho, DBS investment strategist, talked about the positive things about Bitcoin and said that we should not judge Bitcoin from the point of view of volatility.
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“I think Bitcoin is still unique whether the price changes or not. If we just look purely on a price basis, you will see a lot of volatility and that doesn’t inform you a lot about what benefits it brings,” Ho said.
Further, Ho talked about the decentralized nature of Bitcoin which allows people to trade & use for fund transactions without any need for centralized third-party protocol.
He also distinguished the traditional market assets, which are different from the crypto market. He noted that we can trade bitcoin or cryptocurrencies anytime we need 24×7, which is not the usual case in traditional centralized assets.
“But the Bitcoin market was open 24/7. So there was an avenue for you to raise cash and liquidity, if necessary.”
In recent years, DBS showed a significant Inclination toward the crypto sector. Notably, the trade volume on its DBS Digital Asset Exchange (DDEx) surged by 2 fold from April to June of this year.
Because of the increasing digital assets trade activities on its platform, this Bank also started new works to enhance the better user experience for clients in its ecosystem.
Read also: Brazilian city Rio de Janeiro will accept tax in Bitcoin by 2023
Bitcoin is still unique despite downturn, says DBS Bank investment strategist
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