Bitcoin Has ‘Unquantifiable Risk’: UBS Investment Chief

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”: […]

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