Switzerland’s Largest Bank UBS Says Clients Have Crypto FOMO
UBS, Switzerland’s largest bank, says that clients are looking at different investment alternatives and there is a bit of a fear of missing out (FOMO) when it comes to cryptocurrency investments.
UBS Says There Is a Bit of Fear of Missing Out
The CEO of UBS Group AG, Ralph Hamers, talked about cryptocurrency in an interview with Bloomberg’s Manus Cranny, published Tuesday.
Given that a growing number of investment banks are offering crypto services or investments with exposure to cryptocurrencies to their clients, he was asked what UBS is doing for its wealth management clients in terms of providing access to cryptocurrency investments.
“Clients are looking at different alternatives,” he replied. “They hear about crypto and there is a bit of a fear of missing out [FOMO] as well.”
The CEO elaborated:
They read it in the papers but they also see the volatility so honestly we advise with caution and we don’t offer it actively … We feel the crypto itself is still an untested asset category.
Hamers was also asked, “[Do] you have no FOMO as a CEO that maybe you are going to miss out on a few millionaires and billionaires?”
He insisted: “I never have FOMO.”
The UBS executive proceeded to explain why he doesn’t have FOMO. “Because I’m determined as to what I want to do and it’s also about focus,” he began, adding that there are “always these things that you hear about that maybe this or maybe that.”
However, he said he has learned in his eight years as a CEO — almost one year at UBS and seven with ING — that what’s important is “what we are known for” and “what we do for our clients.” He concluded, “that’s what we have to continue.”
In July, UBS advised investors to “stay clear” of cryptocurrencies and “build their portfolio around less risky assets.” In addition, UBS analysts warned that “Regulators have demonstrated they can and will crack down on crypto.”