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Swiss UBS next European bank to warn against crypto
Quite contrary to most of the (U.S.) banking institutions, who have been moving in on crypto this year, there are still some that continue to do their best to ignore and denounce it. Swiss banking giant UBS is the latest in a long line of European banks warning their clients to “stay clear” of crypto.
In a note to clients, UBS warned that crypto is in a bubble and unsuitable for professional investors. It is best to stay out of it while regulators across the world are gunning for it.
According to the note that appeared in an article on Markets Insider today, UBS stated that the Chinese crack-down on bitcoin mining, and on cryptocurrencies in general, had “hurt crypto prices and operators”.
The note comes just two months after the bank’s chief economist got slammed because of the weekly update called “Does Bitcoin defy the Zeitgeist?”, published on their website where it discussed the banks issues with crypto.
The UBS note further warned of “tougher rules” that “could” be implemented in the crypto space, thereby pointing at the US and the UK markets in particular:
“Regulators have demonstrated they can and will crack down on crypto, so we suggest investors stay clear, and build their portfolio around less risky assets.”
The UBS note continued to bad mouth “crypto trading practices” of leverage trading and other derivatives that they believe are “fundamentally at odds with mainstream finance regulation.”
However, do not be surprised if UBS will make a complete 180 when it comes to their stance towards crypto. It would not be something new in the space and we have seen it happening before. Classic example is of course Goldman Sachs that reopened their trading desk after their clients demanded them to do so. Ultimately, the clients will have the last word in a world where money talks.
The post Swiss UBS next European bank to warn against crypto appeared first on iGaming.
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Author: Peter Siu