In spite of concerns about ongoing market volatility, DBS believes Bitcoin (BTC) continues to provide ‘a unique’ opportunity owing to its capacity to engage in continuous trading without the need for a central party for clearing transactions, as per a report published by finews.asia on October 14. DBS investment strategist Daryl Ho said:
Bitcoin’s unique factor is its usefulness
According to Ho, the distinctiveness of Bitcoin is not based on its price but rather on its usefulness, which enables money to be transferred in a decentralized way without the need of a central counterparty to clear the deal. Ho added: DBS has been progressively building its business in the asset class, notably via its DBS Digital Asset Exchange (DDEx), which saw trade volumes rise in June of this year to twice what they were in April. Relatively recently, the bank has also begun providing access to its more affluent customers, in addition to providing it to its institutional, family office, and private banking customers.
