Swiss asset manager Pictet Group, after recent turmoil in the industry cryptocurrency warned about their investments.
“We Can’t Ignore Cryptocurrencies, But They Have No Place in Private Banking”
Tee Fong Seng, CEO of the Asian asset management arm of the Geneva-based company, spoke at a panel at the Bloomberg Asian Asset Summit in Singapore on Thursday:
“Cryptocurrency will be an asset class that we cannot ignore, but I don’t think it has a place for private bankers and private bank portfolios today.”
The cryptocurrency industry has suffered a slump this year as prices plummet, hedge fund Three Arrows Capital and other companies fail, and multiple hackers attack. of bitcoin Between its peak in November and the end of June, $2 trillion was wiped from the total market value of crypto assets.
Banking giants have stayed away from crypto for years, with JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon described Bitcoin as a “fraud” in 2017.
Tee Fong Seng added:
“If you look at the volatility over the last two years, you can make a lot of money and lose a lot of money. The real question is when are we going to get customers involved.”
Tee also stated that Pictet is observing the crypto market.
Veteran investor Jim Rogers is among those who are cautious about entering the market.
“My wife invested in crypto first and foremost,” Rogers said at another panel held at the same asset summit, adding:
“I don’t invest in them because the bulls say they’re going to make money. My answer to that is that if all our money was on the computer, it would be government money.”
*Not investment advice.