{"id":13475,"date":"2022-08-10T07:52:35","date_gmt":"2022-08-10T07:52:35","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/crypto-doesnt-have-a-place-in-private-banking-today-pictet\/"},"modified":"2022-08-10T07:52:35","modified_gmt":"2022-08-10T07:52:35","slug":"crypto-doesnt-have-a-place-in-private-banking-today-pictet","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/crypto-doesnt-have-a-place-in-private-banking-today-pictet\/","title":{"rendered":"Crypto doesn’t have a place in private banking today: Pictet"},"content":{"rendered":"

(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum & Crypto News )<\/b>
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Pictet Group\u2019s Asia division CEO Tee Fong Seng said at a summit that while the crypto asset class continues to mature, now might not be the time for private bankers to invest in the sector.<\/span><\/strong><\/em><\/p>\n

Crypto is an industry that is here to stay, even as part of its growing pains remains glaringly scary for some players. Matters are indeed not helped by the recent events that have seen several crypto companies go bankrupt, and wild volatility does not help either.<\/span><\/p>\n

Because of such concerns, Swiss wealth manager the Pictet Group is warning that this might not be the time to dive into crypto \u2013 at least not for now.<\/span><\/p>\n

Crypto asset class can\u2019t be ignored \u2013 but,<\/span><\/h2>\n

In remarks\u00a0<\/span>made<\/span><\/u><\/a>\u00a0at a panel on the sidelines of a\u00a0<\/span>Bloomberg<\/span><\/em>\u00a0summit in Asia, an executive of Swiss firm Pictet highlighted why the asset manager is not keen on getting into crypto.<\/span><\/p>\n

According to Tee Fong Seng, the CEO of Pictet\u2019s Asia subsidiary, crypto\u2019s growth as an asset class cannot be undone nor can it be \u201cignored\u201d going forward. However, the company believes that crypto as it is \u2013 with some of the concerns above- does not have \u2018a place\u2019 in the private banking sector.<\/span><\/p>\n

\u201c<\/span>Crypto will be an asset class that we cannot ignore, but today I don\u2019t think there is a place for private bankers and for private bank portfolio<\/span><\/em>s,\u201d he said.<\/span><\/p>\n

But despite this outlook, the firm, like many others, appears to be keenly monitoring developments in the crypto market. For clients, this means looking at when to start offering services such as trading.<\/span><\/p>\n

He notes that a look at the crypto market\u2019s performance over the past two years shows it\u2019s possible to \u201cmake a lot of money<\/em>.\u201d But at the same time, with the huge volatility, it\u2019s also very easy to \u201close a lot of money,<\/em>\u201d he observed.<\/span><\/p>\n

\u201c<\/span>The question is, when do we bring the clients into the picture<\/span><\/em>,\u201d he posed as he pointed out that the Geneva-based asset manager had a team on the lookout for opportunities.<\/span><\/p>\n

Concerns aside, mainstream companies push into crypto<\/span><\/h2>\n

A few years back, the best that came from financial institutions and other major mainstream companies was a blatant dismissal of crypto.<\/span><\/p>\n

Many continue to sit on the fence, but many more have made a move \u2013 more so amid crypto\u2019s last bull market. Today, global giants such as Fidelity Investments, BlackRock, Charles Schwab and Julius Baer Group have ventured into digital asset products \u2013 including crypto-focused exchange-traded funds, custody services and even trading to their clients.<\/span><\/p>\n

The partnership between Coinbase and BlackRock announced today, and which targets institutional clients, is a good example of the increased interest for crypto exposure.<\/span><\/p>\n<\/div>\n

Source link <\/a>
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(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum & Crypto News ) Pictet Group\u2019s Asia division CEO Tee Fong Seng said at a summit that while the crypto asset class continues to mature, now might not be the time for private bankers to invest in the sector. Crypto is an industry that is here to […]<\/p>\n","protected":false},"author":13,"featured_media":13476,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/13475"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=13475"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/13475\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/13476"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=13475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=13475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=13475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}