Switzerland’s largest bank, UBS, has advised investors to “stay clear” of cryptocurrencies and “build their portfolio around less risky assets.” The UBS analysts warned that “Regulators have demonstrated they can and will crack down on crypto.”
UBS’ Crypto Advice and Warning
The global wealth management team at UBS warned in a note published last week that regulators worldwide, particularly the U.S. and the U.K., will impose tougher cryptocurrency regulations. Citing that “China’s latest crackdown — extending to miners, banks, e-payment networks, and social media — hurt crypto prices and operators,” the UBS analysts wrote:
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.
“We’ve long warned that shifting investor sentiment or regulatory crackdowns could pop bubble-like crypto markets,” the analysts added. “We