Bitcoin has no intrinsic value: UBS Chairman Axel Weber

(FOX News) -- UBS Chairman (UBS) Axel Weber said on Thursday the global financial firm has no plans to trade bitcoin Opens a New Window.

“We observe the phenomenon with very much [caution],” Weber told FOX Business’ Maria Bartiromo during an exclusive interview on “Mornings with Maria.”

Weber joins the list of top bankers, including JPMorgan CEO (JPM) Jamie Dimon and BlackRock CEO (BLK) Larry Fink, who have criticized the cryptocurrency over lack of regulation.

“For me it’s not a currency, for me it is an investment and it is an investment that has no intrinsic value—it’s a transaction device and people have to be cautious if they look at it as a store of value or as an investment that has long-lasting value,” he said.

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