Cryptocurrencies to grow as store of value like gold, says top global bank's CEO
Gupta does not see privately-issued digital coins (e.g. Bitcoin) taking over the role of state-backed money
Singapore-based DBS Holdings Group Ltd's Chief Executive Officer (CEO) Piyush Gupta thinks that private digital coins like Bitcoin will continue to grow as a meaningful store of value, in a similar vein to gold. Nonetheless, it’s unlikely that cryptocurrencies will take over the role of state-backed money, he said in the bank’s annual report released on Wednesday.
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