UBS head says Bitcoin is a bubble
The head of UBS is warning Bitcoin is a bubble that’s bound to burst.
Axel Weber – the Swiss Bank’s Chairman – says there are more and more small investors piling in to the crypto currency. He’s calling for regulators to get involved.
Bitcoin started the year at USD 1,000 – now it’s worth USD 16,000.
In an interview with yesterday’s NZZ newspaper, Weber warns the way Bitcoin is traded allows for wild price swings. He says UBS doesn’t consider the online currency sustainable.
His comments echo the chairman of the Swiss National Bank, Thomas Jordan, who also warns of the current value. But he adds he doesn’t think Bitcoin is a threat to the economy.