UBS LIKES BITCOIN – THEY JUST DON’T KNOW IT YET
NEW YORK (InsideBitcoins) – In a recent profile of UBS CIO Oliver Bussman in Financial News, the chief information officer was found to be a believer in blockchain technology. This follows the general sentiment that came from a full UBS report on bitcoin earlier this year in which the bank seemed pessimistic about the long-term viability of bitcoin as a currency.
The recent statements from Bussman should be applauded by bitcoin enthusiasts, as it means he’s on the normal path towards adoption of bitcoin as more than just a technology.
.@oleganza 1: Bitcoin is stupid 2. Money laundering! Drugs! 3: Blockchain technology. 4: Well it's too late to get in. 5: BTC accepted here.
— Michael Goldstein (@Bitstein) October 28, 2014
UBS does not like bitcoin
Although UBS has shown that they understand the value of tax evasion in the past, it does not seem that they are bullish on bitcoin as a vessel for tax evaders of the future. Perhaps they are not fans of the new, unrestricted competition.
In a report from late March of this year, analysts at UBS noted, ‘Bitcoin’s speculation-driven volatility prevents it from being a stable store of value or unit of account.’ The report went on to note that there are a variety of ‘economic, technical, and regulatory challenges’ that make adoption as a true currency unlikely.
This post was published at Inside Bitcoins on Oct 29, 2014.