UBS Chairman Warns Against Bitcoin For Main Street, Wants No Blame If Market Crashes

The Chairman of UBS Bank, the world’s largest manager of wealth, Axel Weber stated on Jan. 23 that he does not advise the bank’s clients to invest in cryptocurrencies, although he makes a distinction between institutional and retail clients when discussing the subject.

Speaking to CNBC at the World Economic Forum (WEF) in Davos, Weber made the distinction between helping institutional clients enter crypto markets, as opposed to helping retail clients do the same:

“There’s institutional clients and if they want to invest in (Bitcoin) — they are grown-ups, I mean they know what they are doing, they have the capability of judging this risk.”

On the other hand, according to Weber, retail (individual) clients — often referred to as “Main Street investors” – need to be “protected” from investing in the crypto market, due to their presumed ignorance of the products…

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