Swiss private bank Julius Baer Group Ltd. is testing crypto assets operations. According to the financial institution, the service is aimed at investors with high purchasing power.
While in Argentina, financial institutions are banned from operating digital currencies, in Switzerland, one of the country’s most traditional banks launches a pilot program to integrate with the crypto market.
The Swiss bank’s announcement states that the company intends to become a bridge between the crypto market and “the fiduciary world”. In addition to crypto assets trading, Julius Baer Group Ltd. wants to offer investment advice in the area.
Crypto asset bubble
The Swiss bank sees the current devaluation of crypto assets as a moment of a bubble bursting. In other words, for Julius Baer Group Ltd. the fall in prices for digital currencies signals a defining moment for the market.
Julius Baer Group Ltd. says that the crypto market bubble may be breaking right now, which would explain the significant devaluation of bitcoin and other digital currencies.
“It could be that we are currently witnessing a moment of the bursting of the crypto asset industry bubble ”.
The bank’s analysis compares the crypto market to the bubble of technology companies, known as the dot-com bubble or boom. Therefore, the institution believes that soon after the bursting of this bubble, the crypto market may be reborn with better restructuring.
“We all know what happened after the dot-com bubble burst 30 years ago. It paved the way for the emergence of a new industry that has transformed our lives. I believe digital assets and decentralized finance have the same potential”.
