Asian Banking Giant Has Harsh Commentary on Bitcoin

    News and Updates

    If you have been watching any sort of news headlines recently, it is evident that Bitcoin is popping up all the time. More recently, the headlines surrounding Bitcoin and other cryptocurrencies has been more negative than it has been positive. With places like China banning exchanges and the emergence of forks in the blockchain, these are tumultuous times.

    Because of what has happened recently, it should come as no surprise that some of the world’s larger financial organizations have kept their distance. Most recently, it was Asian banking giant DBS whose representatives had nothing but negative things to say about Bitcoin.

    A Bit of a Ponzi Scheme

    Chief Information Office of DBS, David Gledhill, spoke at the Singapore Fintech Festival and said that he thinks Bitcoin is “a bit of a Ponzi scheme.” He cited the rising fees and longer transaction times, but not only that, he mentioned the fact that you are not able to see who these fees are going to and how much, exactly, the recipients are receiving. Despite it being a network that is touted as being transparent, Gledhill and many others like him feel as though the opposite is true.

    Instead of elaborating further, he maintained that banks like DBS should focus on continuously improving electronic transfers of government-backed currencies. Sure, the Japanese government recognizes Bitcoin, that is far from it being a currency recognized and trusted by organizations like DBS the world over.

    For Bitcoin, the fact that a representative from DBS spoke poorly of the technology is hurtful, because DBS is known for being a financial institution that pursues innovative technologies. Knowing that, their distancing themselves from Bitcoin is intriguing, to say the least.

    Gledhill did go on to say that his stance is due to the fact that Bitcoin is not, in his opinion, going to bring in any more customers or create any more value for DBS, so it is something that they will continue to stay away from. In fact, he said that his organization and others like it will continue to “watch and learn.”

    Of course, those that are big supporters of Bitcoin claim that Gledhill and others like him do not have the ability to see the wider vision surrounding blockchain technology. They say that their statements are nothing more than short-sighted assessments, and only time will tell if this is true or not.

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