UBS, Switzerland’s biggest bank, states that customers are taking a look at various financial investment options and there is a little bit of a worry of losing out (FOMO) when it concerns cryptocurrency financial investments.
UBS States There Is a Little Worry of Losing Out
The CEO of UBS Group AG, Ralph Hamers, spoke about cryptocurrency in an interview with Bloomberg’s Manus Cranny, released Tuesday.
Considered that a growing variety of financial investment banks are providing crypto services or financial investments with direct exposure to cryptocurrencies to their customers, he was asked what UBS is providing for its wealth management customers in regards to supplying access to cryptocurrency financial investments.
“Customers are taking a look at various options,” he responded. “They become aware of crypto and there is a little bit of a worry of losing out [FOMO] too.”
The CEO elaborated:
They read it in the documents however they likewise see the volatility so truthfully we recommend with care and we don’t use it actively … We feel the crypto itself is still an untried possession classification.
Hamers was likewise asked, “[Do] you have no FOMO as a CEO that possibly you are going to lose out on a couple of millionaires and billionaires?”
He firmly insisted: “I never ever have FOMO.”
The UBS executive continued to discuss why he doesn’t have FOMO. “Since I’m figured out regarding what I wish to do and it’s likewise about focus,” he started, including that there are “constantly these things that you become aware of that possibly this or possibly that.”
Nevertheless, he stated he has actually discovered in his 8 years as a CEO — practically one year at UBS and 7 with ING — that what’s important is “what we are understood for” and “what we provide for our customers.” He concluded, “that’s what we need to continue.”
In July, UBS recommended financiers to “remain clear” of cryptocurrencies and “develop their portfolio around less dangerous properties.” In addition, UBS experts cautioned that “Regulators have actually shown they can and will punish crypto.”
What do you think of the remarks by the CEO of UBS? Let us understand in the remarks area listed below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This post is for educational functions just. It is not a direct deal or solicitation of a deal to purchase or offer, or a suggestion or recommendation of any items, services, or business. Bitcoin.com does not offer financial investment, tax, legal, or accounting guidance. Neither the business nor the author is accountable, straight or indirectly, for any damage or loss triggered or declared to be brought on by or in connection with using or dependence on any material, products or services discussed in this post.