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DBS CIO describes bitcoin as a ponzi scheme

Bitcoin has been described as ‘bit of a ponzi scheme’ by David Gledhill, CIO and head of Group Technology Operations, DBS Bank. He bluntly said bitcoin transactions are ‘incredibly expensive’ and all the fees are hidden through crypto mechanism. Gledhill was speaking on the sidelines of the Singapore FinTech Festival. He said he thinks DBS being in Bitcoin game is not going to create any competitive advantage for the bank. Instead, his bank would rather focus sharply on its electronic transactions of government-backed currencies. He said for bitcoin to scale its pricing, it will have to become very cheap. Minus any sort of pricing advantage, he said bitcoin offers a lot of expensive risk and not a lot of tangible upside for the bank. Right now, it is watch and learn process, he added.

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