UBS Chairman: We Should Protect Retail Investors From Bitcoin

January 23, 2018

UBS Chairman: We Should Protect Retail Investors From Bitcoin

Chairman of the largest Swiss financial holding UBS Axel Weber speaking at the World Economic Forum in Davos stated that the nature of Bitcoin is very speculative and advised investors to avoid the cryptocurrency.

He said that in the field of cryptocurrency the bank divides institutional investors from retail ones.

Weber told CNBC: 

"We do make that distinction, there's institutional clients and if they want to invest in [bitcoin] — they are grown-ups, I mean they know what they are doing, they have the capability of judging this risk — and if they ask us to help them access, to enter these markets, we need to look at that differently than retail clients."

He added:

"Retail clients, who don't fully understand these products should be protected from going into these products, because if there is a retail client affected in the future, the question will be again who was the bank that sold them these products and then banks will be blamed again for what has happened."

UBS chair also said that investments in BTC are speculative and he would never advise any of his clients to invest in it. 

It is now the first time when Weber is speaking about cryptocurrency. In November 2017 he said that Bitcoin has no underlying value, therefore it can not serve as a legitimate store of value.

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