One of the largest banks of Asia compares the market of Bitcoin the ponzi scheme

One of the largest banks in Asia is of the opinion that the Bitcoin is currently a financial scam. David Gledhill, chief information officer of the group, DBS, has stated that they see Bitcoin as a ponzi scheme. The transactions of Bitcoins are incredibly expensive and all the costs related to these operations are hidden through mechanisms fraudulent, he explained at the Singapore Fintech Festival.

He said that DBS will be advantaged by this situation. Gledhill said that he would prefer to focus on digital currencies backed by the government to ensure total transparency. It is not the only one to want to regulate this market. However, most governments have difficulties to make decisions about this crypto-currency.

Gledhill predicts a decrease in the price of Bitcoin

It is not the first to give a negative opinion on this crypto-currency. In fact, the CEO of JPMorgan has already designated the Bitcoin as a fraud. Gledhill has also predicted that the value of the Bitcoin experience a considerable decrease.

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DBS is the largest bank in the South-east Asia and a major supporter of emerging technologies. Earlier this year, the bank has announced the launch of a management system for online learning based on the cloud and powered by the artificial intelligence for its employees.

The Bitcoin would slow down the development of DBS

The Bitcoin is not going to help DBS to attract customers, said Gledhill. In recent weeks, the digital currency has been highly volatile, falling to 5 507 dollars this Sunday, after having reached a peak of 7 879 $ last week.

In response to the remarks of Gledhill, Matthew Roszak, co-founder and CEO of Block, a company specialized in the design of software, has said that when he expected this kind of comments, he believes that these detractors don’t really understand the magnitude of this technology.

Source : CNBC