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.
— Bloomberg TV (@BloombergTV) July 20, 2021
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.
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.