UBS chief calls cryptocurrencies an untested asset class

The CEO of the Swiss financial group UBS, Ralph Hamers, described cryptocurrencies as an ‘untested asset class’.

In a Bloomberg TV interview, he noted that clients are interested in and ask about digital assets.

\”Clients are seeking various alternatives. They hear about cryptocurrency and are a little afraid of missing out. They read about it in newspapers, but also see the volatility. So, frankly, we advise being cautious and are not actively offering it,\” said Hamers.

UBS, which manages about $1.2 trillion in assets, has been skeptical of the Bitcoin industry. Last year the company released a report rejecting the properties of digital gold as a safe-haven asset.

As reported in July, the financial giant stated that cryptocurrencies are not suitable for investing, and called them a form of gambling.

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