Axel Weber, UBS: Bitcoin will fall due to increased regulation

Bitcoin is a highly-speculative asset, which makes bank leaders suspicious towards it. And the current leader of UBS (who is also the former chair of Bundesbank) is not an exception here: when recently asked on the matter, he replied that this digital currency may fall later due to “massive” pressure from regulative bodies of the world. Looks like Axel Weber already foresees the joint decision of EU member states (possibly in close cooperation with the United States) that will be taken at G20 or later. He has already expressed disapproval towards Bitcoin in the past.

Meanwhile, Tidjane Thiam, leader of Credit Suisse Group AG, has stated at Davos that cryptocurrencies have a future. He also expressed his support for the technology that underlies any cryptocurrency - blockchain.

In Russia, the head of VTB, one of the biggest country’s banks, views cryptocurrencies exactly as if they were makeshift paper money: he says they are fake, and some time before this, he advised not to invest in any currency that is not issued by a central government.

Bitcoin’s price may easily be influenced by governmental decisions or even hints about them in speeches, as witnessed by the recent story in South Korea. But since the ban of anonymous trades the overall market atmosphere improved in this country, with authorities clearly abandoning the idea of more restriction.