The UBS Chairman is Being Skeptical about the Bitcoin Investments
Not everybody recommends to invest in Bitcoin cryptocurrencies. The Union Bank of Switzerland’s Chairman, Axel Weber, expressed his negative opinion on Tuesday for CNBC magazine. He argued that “Bitcoin is a speculative investment and is not advising its clients to invest in the digital currency”.
During the first day of the World Economic Forum, held in Davos, Mr. Weber claimed that “We do make that distinction, there’s institutional clients and if they want to invest in (bitcoin) — they are grown-ups, I mean they know what they are doing, they have the capability of judging this risk — and if they ask us to help them access, to enter these markets, we need to look at that differently than retail clients”.
He suggests that investors who do not know all the necessary information about the cryptocurrency usage should not get involved in trader’s process. He also said that the consequences can be harmful to society, considering that in failures the institutions will blame each other.
Mr. Weber does not consider Bitcoin a currency, but rather a “speculative investment”. We guess that the Swiss financial institution will not support the usage of cryptocurrencies – yet.
Do you agree with Mr. Weber’s statement? Do you think that he will change his opinion in the future?