Piyush Gupta, CEO of DBS Bank, Singapore’s largest financial institution, bitcoin and cryptocurrencies He said he believes it will be an alternative to gold and their role in the current financial system. However, Gupta also stated that he thinks that digital assets will not replace the concept of today’s money.
“Bitcoin Is On The Same Level With Gold”
The CEO of DBS Bank responded to several popular topics regarding cryptocurrencies in a recent interview. Stating that he has the same opinion with Bitcoin supporters, Gupta said that he believes that BTC can become an alternative to gold and the value of gold.
However, the famous CEO, drawing attention to the volatility of the crypto money market, explained that he believes that cryptocurrencies will not replace the concept of today’s money due to this volatility:
“Another major obstacle to cryptocurrencies is the fluctuations in their value. When you want to use cryptocurrencies to pay for something, you don’t know what it will cost you. Today, cryptocurrencies are a potential source of speculation. Therefore, it is not very possible for them to replace the money used today.”
In addition, Gupta called for global regulation in this area, noting that central banks around the world are responsible for designing a regulatory framework for cryptocurrencies.
The Singaporean CEO also touched on central bank digital currencies (CBDC). According to Gupta, CBDCs can cause “intermediary institutions to disappear” in the banking system. Gupta also said it’s only a matter of time before this type of financial product hits the market as it “will have much greater uses.”
*Not investment advice.