UBS Has No FOMO for Crypto as Asset Class Still Untested, Says CEO Ralph Hamers
Ralph Hamers, the CEO of the Swiss multinational investment bank UBS Group AG, has no FOMO towards the cryptocurrency industry. He feels his organization is not missing out on any potential gains from this “untested” market.
No Crypto Fomo: UBS CEO
Speaking to Bloomberg TV, Hamers outlined the success of the financial institution that he runs in the past year. While commenting on the bank’s earnings and the expansion to other nations, he received a question in regards to what are UBS’s plans towards the cryptocurrency industry.
More specifically, he was asked whether the giant banking institution feels any FOMO (fear of missing out) of potential gains which the digital asset market registered in the past year or so.
However, Hamers refused any such assumptions, saying that UBS is focused only on the goals it has and averts from looking around at other investment options, especially such that have not been truly tested yet.
“We feel that crypto itself is still an untested asset category. I never have FOMO because I am determined as to what I want to do. There are always these things that you hear about – maybe this, maybe that.
What is important – this is the story, this is what we are known for, this is what we do for our clients, and that’s what we have to continue.”
UBS’s History With Crypto
The Swiss financial giant has a somewhat controversial history with the digital asset space. Back in January this year, the wealth management branch – UBS Wealth Management – issued guidelines in which it compared Bitcoin to MySpace and warned that its price could dump to zero.
Several months later, the institution touched upon the recent regulatory crackdown coming from various directions. In a note published at the time, the bank warned its clients to beware of the enhanced volatility, especially as global watchdogs have tightened the grip that could ultimately “pop the bubble.”
Right between those two negative papers, though, reports emerged suggesting that UBS Group AG was planning to dip its toes in the cryptocurrency space. A Bloomberg coverage noted that the organization was in the “early stages” of developing a platform that will enable its wealthy customers to receive exposure to digital assets.
Nevertheless, these plans have yet to receive official confirmation from the bank itself, and with the most recent warnings and stance against the industry, it seems highly unlikely that they will.
Featured Image Courtesy of China Daily