UBS’ Chairman warns against the volatility of virtual currencies

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The UBS’ Chairman has stated that he does not believe bitcoin is real money and has warned against the significant design flaws.

Additionally, he stated that since the value of virtual currencies is solely determined by demand, this leads to huge price fluctuations in both directions and therefore, the bank does not recommend its clients to invest in virtual currencies and urges the regulators to intervene for those investors who do not take the bank’s advice.