Bitcoin Will Continue to Grow as a Significant Store of Value, Says Head of Southeast Asias Largest Bank ⋆ ZyCrypto - BitcoinEthereumNews.com
विज्ञापन n n n Gupta does not expect the “privately issued” coins to replace state-backed money. DBS, Southeast Asias largest bank, has massive plans for crypto. More institutional players are giving Bitcoin and other cryptocurrencies recognition. According to Piyush Gupta, the CEO of DBS Bank, cryptocurrencies like Bitcoin will continue to grow as a significant store of value, much like gold. Crypto has obstacles to overcome yet Gupta said this in the bank‘s anual report. However, he noted that it may be as far as cryptocurrencies ever become embraced. The CEO of Singapore’s and Southeast Asias largest bank by assets added that cryptocurrencies have fallen in several aspects that would make them become established as money. He held that the reasons cryptocurrencies will not be replacing state-backed money any time soon include lack of ubiquity, absence of faith in the issuer, and large volatility in value. He also thinks that crypto will face massive pushback from regulators and politicians who will not want to relinquish control of monetary policy and economic management. Based on the assessment, he believes that crypto will only see speedy growth in the niche area of being a store of value asset. Meanwhile, the chief executive highlighted that CBDCs were gaining steam globally. He stated that