A private wealth manager at Swiss financial giant UBS is crediting institutions and wealthy investors for Bitcoin’s bull run.
In a new CNBC interview, Alli McCartney, a managing director at UBS Private Wealth Management, says interest in Bitcoin from wealthy and sophisticated investors is booming.
“There’s a lot of interest and there has been a lot of interest for a significant amount of time. A lot of very wealthy individuals, even those who have made their money in very traditional finance sources, take risk. And they understand the concept of taking risk…
I think the thing is that individuals that act like institutions and non-retail individuals are getting in now as an asset-allocation play and that I think why you see such a run-up, is that you’re having some really big buys.”
McCartney cites increasing corporate adoption, the store of value narrative, and price as factors fuelling interest in BTC.
“The story of the first couple of years