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UBS CEO Rejects Crypto: “We Don't Advise on Speculation”

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Wed, 27/10/2021 - 7:08
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UBS CEO Rejects Crypto: “We Don't Advise on Speculation”
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Zürich-based banking behemoth UBS has no plans to enter the cryptocurrency industry.

During an earnings conference call that took place on Oct. 26, CEO Ralph Hamers said that he doesn’t consider crypto to be an investment, viewing the new asset class as merely a tool for speculation.

Hamers opined that it was challenging to gauge the true value of crypto:

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Not many [market] players understand the true value of crypto: What determines the value of crypto? What are the uses of crypto? And therefore it is not something one can regard as an investment but is much more about speculation

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In May, UBS said that it was mulling over offering its deep-pocketed clients access to crypto investing.

In July, however, it advised investors to steer clear of digital currencies.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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