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UBS Labels Crypto an “Untestable Asset”

The CEO of Swiss banking giant, Ralph Hamers, in a recent interview has disclosed that the bank does not feel it is missing out on any gains in the crypto space.

During the interview, the bank executive detailed the success his institution had recorded in the previous year while also speaking about the expansions the company had in the year. 

When the interview pivoted towards crypto, Hamers disclosed that UBS had no FOMO regarding the space despite the gains that had been recorded. In his words,

We feel that crypto itself is still an untested asset category. I never have FOMO because I am determined as to what I want to do. There are always these things that you hear about – maybe this, maybe that. What is important – this is the story, this is what we are known for, this is what we do for our clients, and that’s what we have to continue.

In the past year, Bitcoin’s price moved from as low as $3,000 to over $60,000 before falling to its current level. During this period, the leading digital asset witnessed institutional investments from institutions like Tesla, while other top financial institutions also had a rethink of their erstwhile negative stance towards the leading digital asset.

Another leading asset, Ethereum also leveraged on the impressive run of the space and moved over $4000 before its value dropped. Also, the coin saw more institutional adoption during this period and decentralized finance (DeFi) that is mostly built on its network has recorded growth of its TVL to over $100 billion within the space of a year.

However, despite these massive gains, UBS has shown some level of restrictions when it comes to the crypto industry. In one of its recently published notes, the bank noted that the coming of regulation into the space could “pop the bubble.”

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