UBS Chairman Expects Massive Bitcoin Fall
Increased regulation means bitcoin and other crypto-currencies will continue to fall according to the chairman of UBS.
Speaking at the Davos World Economic Forum, Axel Weber, chairman of UBS, said bitcoin and other crypto-currencies were speculative and risky. He called for increased scrutiny from regulators who should «zoom in» on Bitcoin, speaking in an interview with «Bloomberg.»
Blockchain? Yes! Coins? No!
In November 2017, the UBS Chairman and former Bundesbank head Weber told the «Financial Times» (behind paywall) that central banks should consider setting up their own digital currencies.
The Swiss bank and Weber are proponents of blockchain, but pessimistic for currencies based on the distributed ledger technology. UBS' private-banking division is also yet to be convinced, warning of the bitcoin bubble in a report on crypto-currencies written by equity analyst Sundeep Gantori.
