Financial Holding Company UBS is not Ready to Invest in Bitcoin
November 20, 2017
Mark Haefele, Global Chief Investment Officer of UBS, the Swiss holding company for financial services, said that the company is not ready to include Bitcoin in its portfolio because of insufficient state regulation of this sphere.
In addition, according to him, Bitcoin has not reached the 'critical mass' necessary to be considered a currency worth investing in. Haefele noted that Bitcoin's total volume does not exceed the value of many currencies that are available in UBS's portfolio.
Bitcoin split the representatives of the financial world into two camps: supporters who highly value the growth of the cryptocurrency and the opportunity to profit by it, and critics who consider Bitcoin a bubble, through which criminal activity is financed.
"One terrorist attack financed by Bitcoin in the US will be enough for US regulators to take decisive measures to regulate it. This is a risk, an uncountable risk. Other currencies do not have such risks," Haefele believes.
It is not the first time Bitcoin is being discussed by UBS representatives. The head of the holding company Axel Weber stated that he did not consider Bitcoin a means of storing value, and the leading economist Paul Donovan compared Bitcoin with 'tulipmania'.