MEXCCrypto Will Continue To Grow As Store Of Value Like Gold: DBS CEO
Piyush Gupta, the chief executive officer (CEO) at DBS Bank, says cryptocurrencies like Bitcoin will continue to grow as a meaningful store of value, just like gold. However, he also thinks that cryptocurrencies will not take over the role of state-backed currency.
DBS’ Piyush Gupta Considers Crypto As A Store Of Value
In the DBS Bank’s annual report released on Wednesday, DBS Holding CEO Piyush Gupta said private digital coins like Bitcoin can be a store of value as they can be saved, retrieved, and exchanged at a later time, just like gold.
Considering the regulatory and political approach, he said:
“Regulators and politicians will be reluctant to give up control of monetary policy and economic management tools, and will therefore be very cautious about letting private money grow. Having said this, I do think that private money (crypto) will continue to grow as a meaningful store of value, much like gold is today.”
The global bank’s chief does not see privately-issued digital coins taking over the role of state-backed money.
“The reason for this is that money needs to have three attributes: be a unit of account, a medium of exchange and a store of value. Privately-issued coins find it hard to attain the first two of these,” he explained.
Privately-issued coins find it hard to attain the first two of these, according to Gupta, as reasons include a lack of ubiquity, absence of faith in the issuer, and large volatility in value, among others.
CBDCs Set To Become More Prevalent
Moreover, Gupta said central bank digital currencies (CBDCs) will become more common and there’s a need to stay close to these developments. Since 85% of central banks in the world are either currently studying or piloting it, the direction of travel seems clear.
DBS is participating in industry sandboxes and experimenting with the central bank digital currency in association with the Monetary Authority of Singapore, Gupta added.
Countries such as China, the U.S., Russia, Brazil, Australia among others are already experimenting, studying, and piloting CBDC projects.
- Breaking: XRP Treasury Evernorth Debuts on Nasdaq Under XRPN Ticker After $1B Token Purchase
- BlockDAG Listing Rumors on Coinbase and Kraken Fuel Hype; But Analysts Urge Caution
- Toobit Introduces Multi-Million Dollar Shield Fund to Protect Traders Against Platform Incidents
- $1.7 Trillion T. Rowe Price Files for First U.S. Spot Shiba Inu ETF, Boosting SHIB’s Adoption
- XRP News: Key Ripple Whale Indicator Turns Bullish After 4 Months, Price Rally Ahead?
- Analyst Foresees a Parabolic Rally for Pepe Coin Price as Whale Accumulation Intensifies
- Fidelity Amends S-1 for Solana ETF: Is SOL Price Set to Rally?
- Pi Coin Price Targets $0.65 as ISO 20022 Membership Boosts Institutional Confidence
- Ethereum Price Flips BTC in Strategy Shift, Eyes $4500 Level
- Expert Predicts XRP Price to Hit $10 as Elliot Wave, XRPR ETF Inflows Align
- HYPE Price Prediction as 21Shares Files S-1 for Hyperliquid ETF—Can Bulls Push HYPE to $60?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
