Wealthy Remain Curious But Skeptical About Bitcoin, UBS CEO Says

Wealthy remain curious but skeptical about bitcoin, UBS CEO says

  • Photographer: Chris Ratcliffe/Bloomberg – – UBS Chief Executive Officer Sergio Ermotti said the world’s wealthiest are staying on the sidelines when it comes to crypto-currencies.
  • While JPMorgan Chase & Co.’s Chief Executive Officer Jamie Dimon famously panned bitcoin last month , saying he’d fire traders who bet on it, many financial firms have been exploring ways to leverage the blockchain technology underpinning crypto-currencies.
  • More from Bloomberg.com: The Smartest Americans Are Heading West – – Bitcoin has surged more than 300 percent this year, drawing the attention of hedge funds and wealthy individuals.
  • China cracked down on crypto-currency exchanges in September, while the U.S. Securities and Exchange Commission said in July that sales of some new digital currencies would be subject to rules just as equities are.
  • More from Bloomberg.com: Steel Firm Faked Data for Metal Used in Planes and Cars – – Read Wealthy Remain Curious But Skeptical About Bitcoin, UBS CEO Says on bloomberg.com

UBS Chief Executive Officer Sergio Ermotti said the world’s wealthiest are staying on the sidelines when it comes to crypto-currencies.

A bitcoin sits among an Ethernet cables inside a communications room at an office in this arranged photograph in London, U.K., on Tuesday, Sept. 5, 2017. Bitcoin steadied after its biggest drop since June as investors and speculators reappraised the outlook for initial coin offerings. Photographer: Chris Ratcliffe/Bloomberg

UBS Chief Executive Officer Sergio Ermotti said the world’s wealthiest are staying on the sidelines when it comes to crypto-currencies.

“People are more curious than really willing to invest,” Ermotti said in a Bloomberg Television interview in New York on Tuesday. “I don’t think there’s any meaningful desire by high net worth individuals to take big bets on this kind of phenomenon.”

While JPMorgan Chase & Co.’s Chief Executive Officer Jamie Dimon famously panned bitcoin last month , saying he’d fire traders who bet on it, many financial firms have been exploring ways to leverage the blockchain technology underpinning crypto-currencies. They’re increasingly responding to growing interest from clients to track and even trade the digital coins.

More from Bloomberg.com: The Smartest Americans Are Heading West

Bitcoin has surged more than 300 percent this year, drawing the attention of hedge funds and wealthy individuals. China cracked down on crypto-currency exchanges in September, while the U.S. Securities and Exchange Commission said in July that sales of some new digital currencies would be subject to rules just as equities are.

Wealthy Remain Curious But Skeptical About Bitcoin, UBS CEO Says