CEO of the $2.6 Trillion AUM Company UBS, calls crypto an ‘untested asset category’

By Sunil Sharma
Published July 20, 2021 Updated July 20, 2021
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Image Source - Bloomberg
Ralph Hamers, new CEO of Swiss Bank UBS, gestures during a press conference in Zurich, Switzerland, Thursday, Feb. 20, 2020. Dutchman Ralph Hamers will replace Sergio Ermotti, who is still UBS boss, on Nov. 1, 2020. (Walter Bieri/Keystone via AP)

CEO of the $2.6 Trillion AUM Company UBS, calls crypto an ‘untested asset category’

By Sunil Sharma
Published July 20, 2021 Updated July 20, 2021

Ralph Hamers, CEO of UBS, has spoken in favor of cryptocurrency; referring to it as an ‘asset’. UBS Wealth Management, a Swiss multinational investment bank, and financial services company have over $2.6 trillion in total assets under its management. With the recent off-the-charts success of UBS, a comment in favor of crypto from the CEO comes at a crucial time when there is an evidently expanding global crypto decline.

“We feel that crypto itself is still an untested asset category,” UBS CEO Ralph Hamers, told Bloomberg.

Hamers has no FOMO of Bearish Crypto

However, Hamers stated that UBS is not feeling left out currently looking at the bear run of the crypto market. Even if Hamers believe that crypto is a potential asset, his statement of feeling secure not being part of the currently declining market signifies that the likes of UBS are in no hurry to jump on the crypto bandwagon, unlike many others.

“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.”, Hamers replied when asked about the Fear of Missing Out (FOMO) from the crypto market during the present.

Institutional adoption

Despite the current bearish market sentiments institutions are looking to adopt the decentralized mode of payments. The adoption of cryptocurrency by financial institutions has led to a rise in awareness about it, with crypto assets becoming more noticeable.

During the Inflationary period in the US, business giants are turning to Crypto to avoid dollars downfall. Jeff Gundlach, the Billionaire investor, DoubleLine Capital CEO, also known as the “Bond King”, recently commented against the price of the dollar in the foreseeable future. Latin American nations are rapidly adopting the crypto markets as a routine mode of payment. Where crypto has seen a massive decline, it has also seen considerably larger demand in 2021.


The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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