GENEVA: The chairman of Swiss banking giant UBS said in an interview published Sunday that he does not consider the soaring cryptocurrency bitcoin as money and called for regulators to intervene.
Bitcoin prices have surged this year from less than $1,000 in January to $17,000 last week, after trading in the digital currency began on the Chicago Board Options Exchange — the first time it has appeared on a traditional platform.
But in an interview with the NZZ am Sonntag weekly, UBS boss Axel Weber warned investors against jumping on the bandwagon, saying the bubble would inevitably burst.
“In my opinion, bitcoins are not money,” he said, adding that the virtual currency had significant “design flaws.”
Money is meant to fulfil three main functions and bitcoins fail at all of them, he said.
The currency is not an effective means of payment since it is not universally accepted, it is not a good measure of value since prices are not written in bitcoins, and it is not an effective way to store value, since it is inherently unstable, he said.
The main problem, he said, is that with no central bank and no issuer controlling the supply, the value is determined solely by demand, which leads to “huge price fluctuations in both directions.”
UBS has decided to advise clients against investing in the virtual currency, he said, because the bank does “not consider it valuable and not sustainable.”
To protect investors who do not take the bank’s advice, “regulators are needed,” Weber said.
UBS boss says bitcoins ‘not money’, urges regulators to act
UBS boss says bitcoins ‘not money’, urges regulators to act
RLC Global Forum 2026 opens, leading the agenda for transformation in retail industry
RIYADH: The RLC Global Forum 2026 opened in Riyadh on Feb. 3, aiming to shape the future of retail and consumer-facing industries by bringing together the most influential leaders from across the sector.
Addressing the opening session, Panos Linardos, chairman of RLC Global Forum, said: “We meet at a moment that feels fundamentally different from just a few years ago. Growth today is no longer linear. It is no longer evenly distributed. And it is no longer guaranteed.
“We find ourselves at what we call a growth crossroads, a moment where traditional models are under pressure, geopolitical dynamics are reshaping trade and investment, and leadership choices carry longer-lasting consequences.”
He added that at the 2025 event, the discussions were focused on trust and collaboration in a time of disruption.
“This year, the environment is more fragmented, more volatile, and more urgent,” he said, explaining that supply chains are shifting, consumer expectations are moving faster than organizations, and capital is more selective.
Linardos also stated that the boundaries between retail, real estate, technology, policy, and culture “are increasingly blurred.”
At a growth crossroads, progress is a shared responsibility requiring clarity, coordination, and balanced leadership, he said adding over the next two days, the forum will bring together global CEOs, retailers, and real estate leaders, as well as policymakers, academics, investors, and innovators.
“The purpose is clear: to examine how growth is being rebuilt, where it is being redefined, and what leadership looks like in this new context,” the forum chairman said.
Linardos set out details of the NextGen retail challenge, which is developed with the Innovation and Entrepreneurship Center at Princess Nourah bint Abdulrahman University and Monsha’at.
Vice Minister of Economy and Planning Ammar Nagadi used his opening remarks to put his perspective on how economic choices translate into competitiveness and long-term value is especially timely for the discussions ahead.
The 2026 forum is exploring six defining themes that capture the transformation reshaping global trade, consumption, and leadership: Growth in a Reordered World, AI and the Power of Multipliers, Global South as Growth Engine, Experience as Growth Infrastructure, Future Consumer Order, and Leadership Beyond Resilience.
