Cryptocurrencies

UBS Chairman Warns on Crypto After Bitcoin Hits Record High

Moving money to anonymous system won’t last, Axel Weber says
Bitcoin surged in recent weeks on optimism for greater uptake

UBS Chairman Weber Says He's 'Skeptical' on Cryptocurrencies

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By Krystal Chia and Chanyaporn Chanjaroen

November 17, 2021 at 3:51 AM UTC

Updated on

November 17, 2021 at 7:03 AM UTC

This article is for subscribers only.

UBS Group AG’s Chairman Axel Weber warned on crypto in one of his strongest statements yet on digital currencies after Bitcoin surged to an all-time high in recent weeks.

The banker said he is “skeptical” and the concept of anonymous payments won’t last, in comments at the Bloomberg New Economy Forum Wednesday in Singapore.