Bitcoin has no intrinsic value: UBS Chairman Axel Weber

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

“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 (NYSE:JPM) Jamie Dimon and BlackRock CEO (NYSE: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.

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.

“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.