Rudi Bogni: «Schizophrenia on Crypto vs Banking Accounts»

UBS' former head of private banking Rudi Bogni parses cryptocurrency, in an interview with finews.com. He also gives marks for Credit Suisse boss Tidjane Thiam and UBS chief Sergio Ermotti.

Rudi Bogni, cryptocurrency advocates argue libertarianism is at the core of their thinking.

I’m a libertarian at heart, but I’m not going to surrender my freedom to some sort of platform where the software may be known to everyone, but not everyone has understood how it’s going to work under duress.

It’s a lot of nonsense that cryptocurrencies are libertarian at heart. They’re still controlled by somebody: whether it’s the platform operator, the person who wrote the first code, or the mayor of the town which provides energy to the miners at low cost. There’s always someone or something behind it.

What about the argument that a distributed ledger is less susceptible to hacking than centralized methods of traditional finance?

What is more distributed than the dollar? Just because it is not cyber-based or only partially? The only thing that detracts from the dollar being a cryptocurrency is that all the clearing has to go through an institution which is under the control of the U.S. authorities.

«Gold is an asset I can put in my pocket»

I think even the paper-based dollar has found ways to multiply itself and serve a purpose outside the direct control. I wouldn’t make this very distinct barrier between a currency which is valid outside its own physical territory from a cybercurrency.

You say you’re a libertarian at heart. Would you buy cryptocurrencies?

No. I have a philosophical affinity for something which is fungible everywhere. Gold is an asset I can put in my pocket and I’m sure I could trade it whenever I want.

How do you think UBS and Credit Suisse are getting on?

I certainly have great admiration for Sergio Ermotti. I think he has done an excellent job. He’s a thorough professional: he said what he was going to do and he’s done it. What more can you ask of a chief executive?

«Sergio being Ticinese was almost an insider in the culture»