Cryptocurrency News: UBS, the world’s largest private bank, is encouraging investors to stay away from cryptocurrency and build their portfolios around safer investment assets.
The multinational bank based in Sweden has announced that various financial managers around the world have decided to fix their oversight of the crypto market and will introduce stricter regulations regarding crypto.
UBS analysts announced that they had already predicted such a situation would arise, citing the comment that “China has hurt crypto costs and executives, ranging from crypto miners, banks, e-payment institutions and web-based media.”
“We have long warned that changing investor sentiment or regulatory pressures could burst what we call bubbles.”
However, UBS is aware that the actions of the Chinese government will pave the way to affect the crypto market, while other governments around the world are thought to create their own crypto regulations.
It may take a long time for banks to take precautions in these sudden developing situations. That’s why they mostly do damage. UBS has warned all its investors that they view this as a speculative market that poses significant risks to everyone, as they cannot ignore future price increases in crypto.
Still, UBS believes that all its customers should be aware that the rise and fall of the digital currency, especially BTC, can be abrupt. And it will allegedly also offer crypto services to wealthy clients by the bank. Citigroup, Morgan Stanley, Goldman Sachs, Standard Chartered and DBS are known as some investment banks currently preparing to offer these services.