UBS is the largest bank in Switzerland with a Dutchman as boss. He says that we all buy Bitcoins because we are afraid of missing the boat.
Ralph Hamers is the man who now runs UBS. He worked for ING for many years before becoming CEO of this Swiss bank. The bank’s clients are looking at various investment alternatives and that there is a fear of missing out (FOMO) when it comes to investing in cryptocurrency.
Buying Bitcoin Because We Are Afraid Of Missing Out
It is annoying when your neighbor has a nice new car in front of the door and you don’t. That is of course possible if he trades conveniently in cryptos and you do not. That is why many people buy digital coins anyway. The CEO of UBS Group AG, Ralph Hamers, spoke about cryptocurrency in an interview with Bloomberg’s Manus Cranny.
More and more investment banks are offering crypto services to their clients. The CEO was asked what UBS is doing for its wealth management clients when it comes to accessing cryptocurrency investments. “Customers are looking at different alternatives,” he replied. “They hear about crypto and there’s a little bit of fear about it too [FOMO] to miss.”
Hamers went further and defended his claim: they read it in the papers, but they also see the volatility, so frankly we advise caution and do not actively offer it… We believe that the crypto itself is still an untested asset class .
Hamers was also asked, “As a CEO, don’t you have FOMO that you might miss a few millionaires and billionaires?” He was then very adamant: “I never have FOMO.”
No FOMO
The CEO then explained why he doesn’t have FOMO. “Because I’m determined to do what I want to do and it’s also about focus,” he began, adding that “there’s always those things you hear about, maybe this or maybe that.” He believes that banks should do what they have been good at for years. They must continue with that. The question is, of course, whether cryptos fall under this. Especially because the couch previously advised investors not to invest in the digital currencies, because they are too risky.
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