World’s Biggest Private Bank, UBS, Warns Investors to “Stay Clear” of Cryptocurrency
The largest private bank in the world, UBS, encourages investors to stay away from cryptocurrency and build their portfolios around more secure investment assets. The Swiss multinational bank has determined that various financial administrators worldwide have decided to fix their oversight of the crypto market and will carry out tougher regulations with regard to crypto.
Referring to the comment that: “China’s latest crackdown, stretching out to diggers, banks, e-installment organizations, and web-based media — has hurt crypto costs and administrators,” the UBS analysts mentioned that regulators have demonstrated that they can and will crack down on crypto. “We’ve long warned that shifting investor sentiment or regulatory crackdowns could pop bubble-like crypto markets,” the analysts added.
The way the banks see it is unexpected, nonetheless, with UBS expecting that the actions of the Chinese government will open up a course that will impact the crypto market, while regulators around the world are setting their own crypto regulations. UBS warned all their investors that since they can’t rule out future price gains in cryptos, they see this as a speculative market that poses significant risks to all.
Nevertheless, UBS believes that all their customers need to be aware of digital currency, especially BTC, and will allegedly offer crypto services to affluent customers. Citigroup, Morgan Stanley, Goldman Sachs, Standard Chartered and DBS are some investment banks that are presently rendering these services.
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