Zürich-based banking behemoth UBS has no plans to enter the cryptocurrency industry.
During an earnings conference call that took place on Oct. 26, CEO Ralph Hamers said that he doesn’t consider crypto to be an investment, viewing the new asset class as merely a tool for speculation.
Hamers opined that it was challenging to gauge the true value of crypto:
Not many [market] players understand the true value of crypto: What determines the value of crypto? What are the uses of crypto? And therefore it is not something one can regard as an investment but is much more about speculation
In May, UBS said that it was mulling over offering its deep-pocketed clients access to crypto investing.
In July, however, it advised investors to steer clear of digital currencies.