The world’s largest wealth manager says it does not plan to invest in bitcoin or other crypto assets due to the absence of government oversight and the lack of a clear exit strategy.
2017 has been a watershed year for bitcoin, and it will likely be remembered as the tipping point that turned bitcoin’s reputation from a curious experiment — utilized primarily by nerds and anti-government activists — into a mainstream financial instrument that, according to Pantera Capital CEO Dan Morehead, will be an “expected” component of a well-rounded financial portfolio.
However, UBS Group AG, the world’s largest wealth manager, does not intend to bring cryptocurrencies into its investment portfolio. Speaking with Bloomberg, Mark Haefele — chief investment officer of UBS — said that the ecosystem’s lack of government oversight presents investors with an “unquantifiable risk”: […]
Read Fulll: Bitcoin Has ‘Unquantifiable Risk’: UBS Investment Chief