Read? Bitcoin is not an investment we would advise, UBS chairman says

CW8888: This man said it correctly!

UBS believes that bitcoin is a speculative investment and is not advising its clients to invest in the digital currency, the bank’s chairman told CNBC Tuesday.

Speaking at the World Economic Forum in Davos, UBS Chairman Axel Weber said the bank makes a clear distinction between institutional and retail clients when it comes to investing in bitcoin.

“We do make that distinction, there’s institutional clients and if they want to invest in (bitcoin) — they are grown-ups, I mean they know what they are doing, they have the capability of judging this risk — and if they ask us to help them access, to enter these markets, we need to look at that differently than retail clients,” Weber told CNBC …