CEO of UBS Bank: Cryptocurrencies remain an untested asset class

The CEO of the Swiss banking giant UBS, Ralf Hamers, considers cryptocurrencies an "untested category of assets". In a conversation with Bloomberg, Hamers said that customers ask him about cryptocurrencies.
"Customers are considering various alternatives. They have heard about cryptocurrencies and are a little afraid of missing an opportunity. They read about them in the newspapers, but also see their volatility. In truth, we recommend them to be more careful, we do not actively offer cryptocurrencies," he said.
In the past, UBS has repeatedly criticized cryptocurrencies. In 2020, banking analysts released a report in which they questioned the idea of bitcoin as a protective asset, citing its volatility.
"Given the high volatility and the scale of previous declines, cryptocurrencies may attract speculative investors, but they are not a worthy alternative to protective assets and do not necessarily contribute to portfolio diversification," the document says.
Just this month, banking analysts warned investors about the risks of regulatory intervention and the explosion of" bubble-like "markets, including cryptocurrency, from which they recommend" staying away and building portfolios around less risky assets."

Hamers himself said that it is unusual for him to make hasty decisions because of the mass hype that has arisen, for example, around cryptocurrencies. UBS, however, is reportedly preparing to offer its wealthy clients investments in digital assets, like some other banks. It is expected that the bank will limit the investments of such clients to a few percent of the total amount on the account, so as not to expose them to excessive risk.