Bitcoin is a financial scam, says DBS Chief Information Officer David Gledhill

“We don’t think DBS being in that bitcoin game right now is going to create a competitive advantage for us,” says Gledhill

At a time when bitcoin prices are going through the roof and ICOs are hitting headlines across the world, not everyone is very positive about the cryptocurrency.

David Gledhill, Group Chief Information Officer and Head of Group Technology and Operations at DBS, one of Asia’s largest banks, called bitcoin a Ponzi scheme or financial scam, and said its pricing will become very cheap in future.

Gledhill made this statement in an interview to CNBC on Wednesday, on the sidelines of the Singapore Fintech Festival. He cited the incredibly expensive bitcoin transactions and the hidden fees involved in it to back his statement. He also said he doesn’t see DBS to be part of the bitcoin industry anytime soon.

Also Read: The Bitcoin anarchists have lost

“We don’t think DBS being in that game right now is going to create a competitive advantage for us,” he told the publication.

As of now, DBS will focus only on the electronic transactions of government-backed currencies. “Bitcoin is not going to help DBS bring in customers, deposits or wealth management. “So, right now, it’s watch and learn,” he said.

At the same time, a LendEDU Bitcoin investor survey predicts that bitcoin prices could reach US$196,165 per coin (roughly 30x the digital currency’s current value), and will gradually replace national currencies in everyday transactions with the help of the tech-savvy younger consumers. “These investors could envision bitcoin reaching that price with the help of time and younger consumers developing more of an affinity with virtual currencies, specifically bitcoin,” says Michael Brown Research Analyst with LendEDU.

The post Bitcoin is a financial scam, says DBS Chief Information Officer David Gledhill appeared first on e27.