Swiss bankers: “Crypto currencies still go through natural selection”

Christian Gattiker-Ericsson, chief strategist and head of research and investment, made the corresponding statements to the business paper Arabian Business on 29 October. So he said in the wording:

“We are currently still in a Darwinian selection process, in which different business models are being tried out and competing with each other without there having been a clear winner so far.”

 

More gold than money

Furthermore, Gattiker-Ericsson sees it as problematic that many crypto currencies “have only limited or graded amounts in circulation, which makes them more of a kind of gold than actual currencies”.

He also seems to have little support for a basic idea of block-chain technology, namely decentralisation, since he rather demands that “the trust inherent in currencies, central banks and governments” be transferred to the virtual, decentralised world.

Nonetheless, the top manager describes blockchain technology as a new field that his company needs to play with, as it has the potential to “redefine the rules of the industry”.

 

Julius Baer’s crypto-turnaround

As Arabian Business notes, former Julius Baer CEO Bernhard Hodler compared crypto currencies to gambling in 2018.

Although Hodler stressed at the time that his private bank urgently advised its clients against speculating with crypto currencies, Julius Baer now seems to have made a U-turn.

In February, the private bank announced that it would soon grant its clients access to digital financial products in cooperation with the Swiss crypto bank Seba Crypto. Julius Baer is also an investor in Seba Crypto.