He is hardly the first to take a negative stance on the digital token.
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.
DBS is Southeast Asia’s largest lender and a big believer in emerging technologies. Earlier this year, the bank said it launched a cloud-based e-learning management system powered on artificial intelligence for its employees.
Bitcoin isn’t going to help DBS bring in customers, deposits or wealth management so “right now, it’s watch and learn,” Gledhill said.
The cryptocurrency has been volatile in recent weeks, slumping to $5,507 Sunday after hitting a record high of $7,879 last week.