Read? Bitcoin is not an investment we would advise, UBS chairman says CW8888: This man said it correctly! UBS believes that bitcoin is a speculative investment and is not advising its clients to invest in the digital currency, the bank's chairman told CNBC Tuesday. Speaking at the World Economic Forum in Davos, UBS Chairman Axel Weber said the bank makes a clear distinction between institutional and retail clients when it comes to investing in bitcoin. "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," Weber told CNBC. "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," Weber said in reference to some banks being criticized for selling complicated financial products prior to the global financial crisis without explaining them in full. Weber warned that "clearly with bitcoin, this is a speculative investment; I don't call it currency and retail clients do not have the risk bearing capacity nor the knowledge to invest in that."
Though UBS allows institutional clients to trade bitcoin, Weber made it clear that "this is not an investment we would advise."
Last updated : 15 Sep 2018
I am 62 yrs old uncle living in HDB heartland who has achieved financial independence @ 56 and finally retired @ 60 from full-time job as employee on 1 Oct 2016.
Single household income since 1995 with three children. Eldest son and daughter are now working and youngest son still in his 3nd year Uni in SUTD.
I have been doing long-term investing and short-term trading in Singapore stock market only since Jan 2000 so I am that Panda or Koala in the investment world; but I am still surviving well in the wild.
I am now executing my Three Taps solution model to maintain sustainable retirement income for life till 2038.
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