Pictet Group and the Swiss wealth manager is warning against cryptocurrency investments. Which amid recent industry turmoil.
“Crypto will be an asset class we can’t ignore. Today there’s a place for private bankers and private bank portfolios,” Tee Fong Seng. Tee Fong Seng chief is the executive of the Geneva-based firm’s Asia wealth management arm. He said on a panel at the Bloomberg Asia Wealth Summit in Singapore on Thursday.
The cryptocurrency industry has seen a collapse this year. Industry amid ailing valuations is the failure of hedge fund Three Arrows Capital and other companies and many hacker attacks. Between Bitcoin’s November peak and the end of June, $2 trillion erases from the combined market value of crypto assets.
Must Read: The US and South Korea to Share Data on Crypto Cases
Banking giants rejected cryptocurrencies for years: JPMorgan Chase & Co. CEO Jamie Dimon called Bitcoin a “fraud” in 2017.
But with the rise of the asset in the last three years, some began to change their stance. More recently, Julius Baer Group Ltd. said it is working on offering services in digital assets to its wealthy clients. Fidelity Investments is preparing to launch a product. The product will enable Bitcoin investments in retirement accounts in the workplace. Citigroup Inc. and Morgan Stanley have also started helping wealthy clients bet on cryptocurrencies.
Still, token trading remained a challenge for many.
“If you look at the volatility of the last two years, you can make a lot of money, you can lose a lot of money,” Tee said while adding that Pictet has a team that monitors the market. “The question is, when do we bring customers to the scene?”
Stay Tuned with Us:
