UBS

UBS: We are not considering the possibility of working with cryptocurrencies

The largest Swiss financial holding UBS has no plans to link its business with Bitcoin or any other cryptocurrency. One of the company’s top managers said this in a conversation with Bloomberg..

UBS Investment Director Mark Hefele explained that the lack of proper control over this industry at the government level does not allow the bank to seriously consider the possibility of working with cryptocurrencies.. Besides, in his opinion, bitcoin has not yet reached “critical mass”.

However, the idea that government intervention could have a negative impact on Bitcoin also scares UBS away..

“One terrorist attack in the United States, which will be funded by Bitcoin, is enough, and American regulators will move on to much more decisive actions. It is a risk, a risk that cannot be quantified. It is inherent in bitcoin, while other currencies are devoid of such risks, “he explained..

Since Bitcoin is not backed by any country, it can be used for in order to make transactions without attracting too much attention, he explained, adding that this state of affairs cannot be preserved for a long time.

Hefele also noted that when deciding to invest in a particular asset, it is important to understand when the time comes to sell it..

UBS: We are not considering the possibility of working with cryptocurrencies

“How do you know when it is time to exit bitcoin?” – he added.

UBS: We are not considering the possibility of working with cryptocurrencies

Note that Hefele is not the first representative of a Swiss bank to question the prospects of bitcoin. For example, UBS leading economist Paul Donovan compared bitcoin to the Dutch “tulip mania” of the 17th century.

UBS head Sergio Ermotti, in turn, said that he believes in the future of the blockchain, while the status of cryptocurrencies in the modern economy has yet to be determined..

Photo: Roman Babakin

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