Switzerland’s Largest Bank UBS Says Clients Have Crypto FOMO

Must Read

Bitcoin Slumps As China Bans All Cryptocurrency Transactions

China banned all crypto transactions and vowed to root out mining of digital assets, delivering the toughest...

Small Business Owners Study Says Los Angeles Ranks the Most Crypto-Friendly City in the US

LA Ranks the Most-Friendly Crypto City in Recent Small Business Owners Study According...

Bitcoin Blitzed $20,000 Record High Three Months After China Crypto Ban In September 2017; Déjà Vu?

China’s top government authorities are not yet done with bitcoin. Earlier today, the regulators published a statement...

UBS, Switzerland’s largest bank, says that clients are looking at different investment alternatives and there is a bit of a fear of missing out (FOMO) when it comes to cryptocurrency investments.

UBS Says There Is a Bit of Fear of Missing Out

The CEO of UBS Group AG, Ralph Hamers, talked about cryptocurrency in an interview with Bloomberg’s Manus Cranny, published Tuesday.

Given that a growing number of investment banks are offering crypto services or investments with exposure to cryptocurrencies to their clients, he was asked what UBS is doing for its wealth management clients in terms of providing access to cryptocurrency investments.

Clients are looking at different alternatives,” he replied. “They hear about crypto and there is a bit of a fear of missing out [FOMO] as well.”

The CEO elaborated:

They read it in the papers but they also see the volatility so honestly we advise with caution and we don’t offer it actively … We feel the crypto itself is still an untested asset category.

Hamers was also asked, “[Do] you have no FOMO as a CEO that maybe you are going to miss out on a few millionaires and billionaires?”

He insisted: “I never have FOMO.”

The UBS executive proceeded to explain why he doesn’t have FOMO. “Because I’m determined as to what I want to do and it’s also about focus,” he began, adding that there are “always these things that you hear about that maybe this or maybe that.”

However, he said he has learned in his eight years as a CEO — almost one year at UBS and seven with ING — that what’s important is “what we are known for” and “what we do for our clients.” He concluded, “that’s what we have to continue.”

In July, UBS advised investors to “stay clear” of cryptocurrencies and “build their portfolio around less risky assets.” In addition, UBS analysts warned that “Regulators have demonstrated they can and will crack down on crypto.”

Source: https://news.bitcoin.com

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

Bitcoin Slumps As China Bans All Cryptocurrency Transactions

China banned all crypto transactions and vowed to root out mining of digital assets, delivering the toughest...

Small Business Owners Study Says Los Angeles Ranks the Most Crypto-Friendly City in the US

LA Ranks the Most-Friendly Crypto City in Recent Small Business Owners Study According to a research study which leveraged nearly...

Bitcoin Blitzed $20,000 Record High Three Months After China Crypto Ban In September 2017; Déjà Vu?

China’s top government authorities are not yet done with bitcoin. Earlier today, the regulators published a statement declaring that trading and mining...

Alpari Enables 24/7 Cryptocurrency CFDs Trading

Alpari, a European forex broker, announced on Friday that its clients would be able to trade cryptocurrencies on weekends starting October 2,...

Over 1 Million Transactions on the Blockchain thanks to Gluwa Wallet and Aella Credit Partnership

The Gluwa wallet was integrated into the Aella consumer credit application. Approximately 1 million transactions were recorded on the Blockchain during the...
- Advertisement -

More Articles Like This