Southeast Asia's largest bank calls Bitcoin a 'pyramid scheme'.

Bitcoin transaction fees are "unbelievably expensive" and "all these costs are hidden through encryption" - NSingapore's DBS bank commented

DBS Bank (Singapore) views Bitcoin as similar to a Ponzi scheme – promising high returns with low risk for investors.

"We see Bitcoin as similar to a Ponzi scheme," said David Gledhill, head of information, technology and operations at DBS Bank.

The Ponzi scheme is a fraudulent model from the last century that promises large returns with little risk to investors. The Ponzi scheme generates profits for existing investors by attracting new ones. Specifically, existing investors are paid interest from the money of new investors. This model eventually collapses when there is no longer enough money to pay interest to the entire system.

Bitcoin cryptocurrency.

Bitcoin transactions are "unbelievably expensive," and "all these costs are hidden through encryption," Gledhill said at the Singapore FinTech Festival.

"We believe that engaging in that game at this time would not give us a competitive advantage." Instead, Gledhill argues that the focus should be on electronic transactions for mainstream currencies.

According to CNBC, DBS is currently the largest bank in Southeast Asia and one of the banks pursuing new technological trends. In early 2017, the bank announced that it had developed a cloud-based online learning management system using artificial intelligence for its employees.

Bitcoin will not help DBS gain more customers, deposits, or assets under management, so for now, we will just "observe and learn," Gledhill said.

In response to the statement from the DBS representative, Matthew Roszak, co-founder and president of the enterprise blockchain software company Bloq, offered a perspective defending Bitcoin.

"When I hear comments like that, I think they don't really understand the power of this technology," Roszak said.

However, it wasn't just DBS; back in September, Jamie Dimon, CEO of the American bank JPMorgan Chase & Co., also predicted Bitcoin's collapse, calling it a "hoax." He also stated that he would fire any employee found trading in cryptocurrencies because it was "a violation of company regulations and stupid – both dangerous."

The cryptocurrency Bitcoin experienced a volatile week, falling to $5,507 on November 13th after reaching a record high of $7,879 the previous week.

Bitcoin's total market capitalization is now close to $100 billion, larger than the market capitalization of the American investment bank Morgan Stanley, up from just $15 billion at the beginning of 2017.

According to VnEconomy