Singapore-based Bank DBS Issues a Report Favoring Cryptocurrency
The Development Bank of Singapore Ltd. (DBS) has recently issued a report highlighting the importance of cryptocurrencies for the rapidly changing financial and economic spectrum. The report is titled Demystifying the Enigmatic Cryptocurrency and is directed by Hou Wey Fook, CIO at DBS. The report states that Bitcoin’s ability to provide massive funding diversification is not possible through fiat currencies.
Hou added a warning that those who are embarking on the crypto journey must be prepared to sink their ships and consider it an essential part of the voyage. He also claimed that after the epidemic of tulip mania in 1630, Bitcoin is the biggest and most polarized asset class. Hou claimed that the reason behind the popularity and mass adoption of Bitcoin is compliance with emerging technology, rigged centralized monetary system, and rooting for a digitized and autonomous economy.
DBS Message for both Market Bears and Bulls is worth Serious Consideration
Addressing bears, the report urged them to pay heed to the possibility of a financial revolution that blockchain technology may introduce. On the other hand, the report advised bulls to take note of the scalability issues, constant volatility, regulatory, demographical, and political limitations of Bitcoin. The report also took note of the low correspondence of Bitcoin with other tradable commodities.
However, the high volatility allows the investors to get maximum returns on their small-scale investments. At the moment, the aggregate market cap for cryptocurrencies is valued at $1.8 trillion. As more banks and traditional financial institutes are stepping in, it becomes clear that the future of cryptocurrencies is bright. However, there are many gaps in the derivatives services to cater to this industry.
DBS Bank Introduces new Crypto-based Projects Intending to Rack in about $15 Trillion by 2030
In the course of the last few months, the DBS bank has introduced two large-scale projects focusing on filling the crypto services gap. The largest bank in South Asia is planning to launch a trust for high net worth individuals. The trust would be catering to accredited investors worth more than $10 million and their families. By associating with the trust, the crypto investors would be able to include the crypto reserves in their legacy and wealth succession plan.
DBS also gained the honor of becoming the first traditional Asian bank to open up a cryptocurrency exchange branch. This new venture allows bank account holders to deal in Bitcoin, Ethereum, Bitcoin Cash, and Ripple Token XRP. Crypto exchange giants like Coinbase and Binance already have offices in Singapore; nevertheless, the executive brass of DBS is certain that the centralized bank would be able to gather up a hefty list of clients. Veteran investor Ray Dalio and co-founder of Google Sergey Bin have already established family offices in the region.
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