Bitcoin is in a state of "ice and fire", and tycoons are still watching from the sidelines

Bitcoin is in a state of "ice and fire", and tycoons are still watching from the sidelines

Tycoons are still on the sidelines when it comes to cryptocurrencies, UBS CEO Sergio Ermotti said in a television interview on Tuesday (October 10).
“People are more curious about cryptocurrencies than actually willing to invest in them,” Ermotti said. “I don’t think high-net-worth individuals are willing to make big bets on this phenomenon.”
While JPMorgan Chase CEO Jamie Dimon last month criticized Bitcoin and threatened to fire employees involved in Bitcoin trading, many financial companies have been exploring the blockchain technology that underpins cryptocurrencies. In response to growing customer interest in cryptocurrencies, these companies have begun tracking cryptocurrencies and even trading digital currencies.

Bitcoin prices have surged more than 300 percent this year, attracting the attention of hedge funds and tycoons. In September, China shut down all domestic cryptocurrency trading platforms, while the U.S. Securities and Exchange Commission said in July that trading in some new digital currencies would be subject to the same rules as stock trading.
“We believe that if cryptocurrencies are not backed by an entity — a reliable and credible issuer — there is little scope for the creation of new currencies,” Ermotti said.

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