CEO of Swiss global investment bank UBS, Ralph Hamers has spoken out in favour of Bitcoin, referring to it as an “asset.”
With UBS’ recent off-the-charts success, a pro-crypto message from the CEO comes at a key time when the global crypto market is clearly declining.
“We feel that crypto itself is still an untested asset category,” UBS CEO Ralph Hamers, told Bloomberg.
However, in light of the present bear market in the cryptocurrency market, Hamers claimed that UBS is not feeling left out. Even if Hamers believes that crypto is a potential asset, his statement that he feels safe not being a part of the present market declines, indicating that UBS, unlike many others, is not in a rush to join on the crypto bandwagon.
Hamers replied when asked about the Fear of Missing Out (FOMO) from the crypto market during the present.
“I never have FOMO. I am determined as to what I want to do…you hears things about maybe this or maybe that? But, I have really learned as my 8 years as CEO is that what is important is that, 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.”,
Institutions are looking to implement the decentralized means of payment, notwithstanding the current gloomy market attitude. The adoption of cryptocurrencies by financial institutions has increased public awareness, making crypto assets more visible.
Business titans are turning to Crypto to prevent the dollar’s depreciation during the current inflationary environment in the United States.
Jeff Gundlach, the billionaire investor and CEO of DoubleLine Capital, widely known as the “Bond King,” recently spoke out against the dollar’s pricing in the near future.
Crypto marketplaces are quickly becoming a common means of payment in Latin American countries. Where bitcoin has seen a big drop in demand, it has seen a far higher increase in demand in 2021.
