Largest bank in Southeast Asia: “Bitcoin is a unique asset”

The Development Bank of Singapore (DBS Bank), the largest bank in Southeast Asia, believes that bitcoin (BTC) cannot be compared to the rest of the crypto market. Among all available coins, the value proposition of bitcoin is still unique according to the major investment bank.

Bitcoin is unique

“I think bitcoin is still unique, even though the price is currently lower. If you just look at the price, you see a lot of volatility and therefore you can miss the innovation of bitcoin. Bitcoin is unique not because of its price, but because of its usability. You can send bitcoin in a decentralized way, without needing the help of intermediaries.”

Thus an optimistic Daryl Ho of DBS Bank. In principle, this is also possible with other cryptocurrencies, but Ho seems to indicate that his investment bank only relies on bitcoin in terms of security. The rest may do the same, but why choose that if bitcoin is more secure and stable?

“If you had a certain asset at the beginning of February, it may have been difficult to sell it at certain times, for example because markets were closed. The bitcoin market is open 24 hours a day, 7 days a week. You can always buy or sell that way. Before bitcoin, there was no market where this was possible.”

DBS Bank believes in the industry

The fact that DBS Bank believes in the industry is evident from the fact that the investment bank offers more and more products within crypto. Where it initially only opened trading to institutional customers, from now on all customers can visit the bank’s crypto exchange platform.

For Daryl Ho, it is mainly the decentralized nature of bitcoin that makes the asset so special compared to traditional financial assets. It is striking that he does not mention the absolute scarcity of bitcoin.

After all, Bitcoin is the first asset in the world to have a verifiable absolute scarcity. For no other asset, we know exactly how many units are in circulation and how many can still be made.