UBS CEO on Crypto: We don’t advise on Speculation – Using Python, Speech-to-Text, Amazon Transcribe

Today on the UBS investor and analyst conf call a question related to crypto caught my attention. The question was from a SocGen analyst. And CEO of UBS, Ralph Hamers answered.

Q: I was wondering how crypto might fit within that, whether you’re merely just going to offer ETF Products to your customers or whether you’re thinking about offering trading custody or even lending based on crypto or whether it’s something that you you feel there’s value there within the grand scheme of things.

A: I still feel that the market, not many players understand the true value of crypto, what determines the value of crypto, what the use is of crypto and therefore I think it is not something that one can regard as an investment but it’s much more about speculation. Now we don’t advise on speculation, that’s what it is, and that’s why we don’t go there. And so if clients want to do it, they can do it, but it’s not going to come. It’s not something that we will actively offer ourselves.  

I wonder whether UBS, and its CEO, realise what size the crypto market has grown to (remember NatWest Chairman saying more people in the UK own crypto than equities). And what the implications for fiat currencies will be as inflation becomes more real.

PS: I used a python script and the Amazon Transcribe service to extract the text from an mp3 of the conf call. So speech-to-text. As The Q&A session was 60minutes, it was very useful to keyword search through the transcript. 

#fds#financialdatascience#python#transcribe

#ubs#ceo#ralphhamers#crypto#cryptonews#investment#speculation#socgen

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