Swiss bank says clients want to seize crypto opportunities — now 

People’s tendency to seize an opportunity before it fizzles out is more commonly known as “FOMO,” an acronym for “Fear Of Missing Out.” This natural human response can be seen almost everywhere, and the crypto space is not an exception. 

UBS, one of the largest banks in Switzerland, said that when cryptocurrencies shot up in value, its clients had a FOMO response on cryptos and immediately dove in. 

According to Ralph Hamers, chief executive officer of UBS Group AG, the bank’s clients immediately jumped into bitcoin and ethereum fearing that crypto opportunities might go out soon. 

Big banks also jumping in

One of the most interesting progress in the crypto industry lately is that big banks such as JP Morgan and Goldman Sachs have expressed their interest to venture into cryptocurrencies. 

Hamers said that this might be a good thing for the crypto world because the two giant banks are one of the most trusted and respected financial institutions in the world. 

In his recent interview with Bloomberg, Hamers admitted that even with people’s enthusiasm on cryptos and big banks’ growing interest in these currencies, UBS wants to stay on the sidelines for the time being. 

He said that cryptos are relatively new assets and aren’t still proven as reliable financial tools. Though UBS is not anti-crypto, Hamer said that the bank isn’t actively recommending cryptocurrencies. 

FOMO, not a Hamer trait

In the interview, the CEO was also asked if he ever had a FOMO on cryptocurrencies, to which he clearly said no. According to him, with his eight years of experience in UBS, what he is focusing on is serving the bank’s most loyal clients and helping them with their financial decisions. 

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/blockchain/swiss-bank-says-clients-want-to-seize-crypto-opportunities-now/