UBS & Bitcoin: Oh, Do Behave!

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One gathers that UBS, in a moment of frankly bewildering flexibility, is deigning to allow its more… adventurous clients a little flutter on these digital whatsits – Bitcoin and Ether, you know. Apparently, the sort of people with rather a lot of money are all in a tizzy wanting to dabble. How frightfully modern.

UBS Prepares Bitcoin Trading Pilot for Swiss Clients With Global Expansion, Report

It seems the rather staid world of traditional banking is having a bit of a wobble. UBS Group AG, in a fit of vagueness described as ‘exploring’, is contemplating allowing select private banking clients to partake in the joys – or rather, the potential hazards – of cryptocurrency. A cautious shift, naturally. One wouldn’t want to appear eager, would one?

The details, as far as one can ascertain, involve a very limited number of Swiss clients being permitted to trade bitcoin and ethereum – via approved partners, of course. Heavens, one can’t have a complete lack of control. A structure built on meticulously vetted third parties, immaculate custody arrangements, and a considerable degree of regulatory hand-holding. It’s all under review, darling, not officially launched. Much too soon for anything resembling enthusiasm.

Should the fancy take them, and assuming sufficient demand – and the blessing of the authorities, naturally – this little game may extend to the far-flung locales of Asia-Pacific and even the United States. Apparently, rich people are showing an “increased interest.” A most unsettling development. The approach, one is relieved to note, is “incremental.” One wouldn’t dream of rushing into anything so… volatile.

UBS’s esteemed CEO, Sergio Ermotti, offered a profound observation at the World Economic Forum in Davos:

“Blockchain is the future for traditional banking.”

Remarkable. And he adds that “You will see a convergence.” One almost choked on one’s vol-au-vent at the sheer daring of the statement. Ermotti previously viewed blockchain as, rather commendably, essential for maintaining a competitive edge. And now? Apparently, it’s the future. Quite the volte-face, don’t you think?

Previously, UBS was careful to distinguish between the admittedly useful infrastructure of blockchain and the decidedly dubious allure of cryptocurrencies as investments. But the boundary, it seems, is becoming… porous. All down to regulatory maturity and, of course, what the clients want. Heavens above.

FAQ ⏰

  • What cryptocurrencies is UBS considering for its rather flush clientele?
    Bitcoin and Ethereum, my dear. Though one rather suspects it’s all a bit of a gamble.
  • Who will be invited to this little party?
    Only a select few Swiss clients, naturally. One wouldn’t want to overwhelm the system.
  • Why this sudden change of heart?
    Apparently, the wealthy are bored with merely accumulating real assets. One understands.
  • Might this spread beyond Switzerland?
    Possibly. If they behave themselves and the regulators allow it, naturally.

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2026-01-24 08:57