Sergio Ermotti, CEO of UBS: “too premature” to invest in cryptocurrency

The CEO of UBS, one of the most powerful banks in the world, has taken an approach towards cryptocurrency that can be described as “if it doesn’t have a good issuer, it’s not worth investing”.

In his 10-minute interview with Bloomberg, Sergio Ermotti talked about how there is no room for new currencies on the market, and then the reporter asked him specifically about Bitcoin. Mr. Ermotti confirmed that billionaires do not intend to invest in Bitcoin at this stage, “definitely premature to do that”.

His position resembles what Jordan Belfort (the famous market player who served as a prototype for the Wolf of Wall Street protagonist) and Ajay Banga, who is the CEO of MasterCard, think on cryptocurrencies: it can become worth investing after some respected, trusted institutions start to issue them.

Clearly, those who have this opinion realize that in case the currency goes awry, there will be no compensation and they will not even be able to sue any party responsible. In the future, they might invest in government-issued cryptocurrency and thus strengthen the market.