CEO Ralph Hamers: UBS has no FOMO about cryptocurrency space as it’s still an untested asset category
Ralph Hamers, the CEO of the Swiss multinational investment bank UBS Group AG, said the bank has no FOMO (fear of missing out) about the cryptocurrency space as it’s still an untested asset category.
— Bloomberg TV (@BloombergTV) July 20, 2021
Ralph Hamers: UBS does not fear missing out on crypto
Hamers has no FOMO towards the cryptocurrency industry. He feels his organization is not missing out on any potential gains from this untested market.
Speaking to Bloomberg TV, he outlined the success of the financial institution he runs over the past year. While commenting on the bank’s earnings and expansion to other countries, he received a question regarding UBS’s plans for the crypto industry.
More specifically, he was asked if the banking giant felt any FOMO of potential gains which the crypto market registered in the past year or so. However, Hamers rejects any such assumption. He said that UBS is focused only on the goals it has and avoids looking around at other investment options, especially those that have not been really tested.
“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,” he said. “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.”
The Swiss financial giant has a controversial history with the crypto market
Back in January of this year, the wealth management arm – UBS Wealth Management – issued a guide comparing Bitcoin to MySpace and warned that BTC price could drop to zero.
A few months later, the organization mentioned the recent regulatory crackdown coming from various directions. In a note published at the time, the bank warned its customers to beware of increased volatility, especially as global watchdogs have tightened the grip that could eventually pop the bubble.
However, later it was reported that UBS Group AG was planning to enter the crypto space. The organization is in the early stages of developing a platform that allows its wealthy clients to gain exposure to digital assets.
However, these plans have yet to receive official confirmation from the bank itself, and with the most recent warnings and stances against the industry, it seems highly unlikely.
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