Bitcoin has no intrinsic value: UBS Chairman Axel Weber

By Currencies FOXBusiness

Warning clients on bitcoin, an investment with no value: UBS Chairman

UBS Chairman Axel Weber on the economy, markets, the Republican tax reform plan, the Federal Reserve and bitcoin.

UBS Chairman (UBS) Axel Weber said on Thursday the global financial firm has no plans to trade bitcoin.

Continue Reading Below

“We observe the phenomenon with very much [caution],” Weber told FOX Business’ Maria Bartiromo during an exclusive interview on “Mornings with Maria.”

Weber joins the list of top bankers, including JPMorgan CEO (JPM) Jamie Dimon and BlackRock CEO (BLK) Larry Fink, who have criticized the cryptocurrency over lack of regulation.

“For me it’s not a currency, for me it is an investment and it is an investment that has no intrinsic value—it’s a transaction device and people have to be cautious if they look at it as a store of value or as an investment that has long-lasting value,” he said.

More From FOX Business

Bitcoin prices fell more than $1,000 in the span of about 10 minutes on Wednesday after setting an all-time high above $11,000 according to CoinDesk.

Weber added that more volatility could be ahead.

Continue Reading Below

“I think it’s a massive journey, but I wouldn’t exclude what we saw yesterday, is more frequent. There could be sporadic moves where actually the market falls a lot,” Weber said.

What do you think?

Click the button below to comment on this article.