David Gledhill, Group Chief Information Officer at DBS, one of the largest banks in Asia, stated that he believes bitcoin is a “ponzi scheme.”
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“We see bitcoin as a bit of a ponzi scheme… We don’t think DBS being in that game right now is going to create a competitive advantage for us,” said Gledhill.
He continued to criticize the technology calling the transactions “incredibly expensive” and predicts bitcoin will become “very cheap because that’s how it will scale.”
Matthew Roszak, co-founder and chairman of Bloq, defended the cryptocurrency in response to Gledhill’s denouncement.
“When I hear comments like that, I think a lot of folks are having their Kodak moment, where maybe they don’t really understand the magnitude of this technology.”
Bloq provides blockchain technology solutions for global enterprises.
DBS is the most substantial lender for emerging technologies in Southeast Asia and has even created an e-learning management structure utilizing artificial intelligence for its employees.