Swiss banking giant UBS latest to pour FUD on crypto

Swiss banking giant UBS latest to pour FUD on crypto

“Even as some banking institutions are taking advantage of the gains to be made in crypto, many are continuing to try and squash it, perhaps afraid of this emerging and innovative sector. UBS is the latest in a long line of banks warning their clients to “stay clear” of crypto. 
Crypto is in a bubble, unsuitable for professional investors, and regulators across the world are gunning for it, warns the Swiss banking giant UBS. 
The negative headlines on crypto are rolling out thick and fast. According to an article on Markets Insider today, the UBS Growth Management Team sent a note to clients stating that the Chinese crack-down on bitcoin mining, and on cryptocurrencies in general, had “hurt crypto prices and operators”. 
The note warned of “tougher rules” that “could” be coming for crypto, especially in Western markets such as the US and the UK.  

“Regulators have demonstrated they can and will crack down on crypto, so we suggest investors stay clear, and build their portfolio around less risky assets.” 

Perhaps those “less risky assets” will be among those in the portfolios of banks like the UBS.  
The UBS note went on to seize upon the “crypto trading practices” of employing huge leverage to make risky bets in this market, which was “fundamentally at odds with mainstream finance regulation.” 
However, it appears that banks can’t help themselves when eyeing the allure of cryptocurrencies and how innovations such as decentralised finance are making their own paltry returns look risible.  
For example, Goldman Sachs analysts sagely posited their view that bitcoin “is not a suitable investment”, while the bank flew in the face of this by reopening its crypto trading desk. 
Young people especially, are turning to Bitcoin and certain other cryptocurrencies, where they see actual decent returns on their investments. The percentage of one percent the banks typically offer them for parking their currency can now be laughed at, as fully regulated cryptocurrency platforms such as Gemini and Celsius give yield that knock these banking returns into a cocked hat. 
The banking sector has made hay on a scale almost impossible to imagine, over many decades. It’s patently obvious that it won’t go down without a fight. It can be imagined though, if it is going down, then those self-same analysts will be pivoting like crazy in order to vie for a piece of that crypto pie. 
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. “

Source: Crypto Daily™

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