The World’s Biggest Wealth Manager Won’t Touch Bitcoin
- Chief Investment Officer Haefele says risk of terror funding
- Says bitcoin not reached critical mass to be seen as currency
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UBS Group AG, the world’s largest wealth manager, isn’t prepared to make portfolio allocations to bitcoin because of a lack of government oversight, the bank’s chief investment officer said.
Bitcoin has also not reached the critical mass to be considered a viable currency to invest in, UBS’s Mark Haefele said in an interview. The total sum of all cryptocurrencies is “not even the size of some of the smaller currencies" that UBS would allocate to, he said.