One of Asia’s largest banks is of the opinion that bitcoin is a currently a financial scam.
“We see bitcoin as a bit of a ponzi scheme,” David Gledhill, group chief information officer and head of group technology and operations at DBS, told CNBC on Wednesday.
Bitcoin transactions are “incredibly expensive” and “all the fees are hidden through the crypto-mechanisms,” he explained. “We don’t think DBS being in that game right now is going to create a competitive advantage for us.”
Instead, Gledhill said, it currently makes more sense for the bank to focus on its electronic transactions of government-backed currencies.