UBS Chairman Says a ‘Massive’ Bitcoin Correction Is Possible
- Says if currency imploded, investors would look to who sold
- Comments come days after Nordea bank banned bitcoin trading
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UBS Group AG Chairman Axel Weber said the Swiss bank won’t trade Bitcoin or offer it to retail clients as increased regulation could lead to a “massive” drop in value.
“This is something where the price is really unclear," Weber said in an interview Wednesday with Bloomberg TV at the World Economic Forum in Davos, Switzerland. “We fear that in the future if these investments implode and the market corrects, then investors will be looking at ‘who sold us this?’"