Published on November 15th, 2017 | by bitcoin0
One of the Largest Asian banks says that bitcoin is a ponzi scheme
One of Asia’s largest banks is of the opinion that bitcoin is 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 said on the sidelines of the Singapore Fintech Festival.
Eventually, Gledhill predicted, bitcoin pricing will become “very cheap because that’s how it will scale,” adding that there’s no current pricing advantage for DBS.
Bitcoin isn’t going to help DBS bring in customers, deposits or wealth management so “right now, it’s watch and learn,” Gledhill said.