Swiss wealth manager Pictet Group has warned against crypto investments amid the recent industry turmoil. Tee Fong Seng, chief executive officer at the Geneva-based firm’s Asia wealth management arm, said crypto will be an asset class that cannot be ignored, but there is no place for private bankers and for private bank portfolios. The crypto industry has seen a meltdown this year amid crashing valuations, the failure of hedge fund Three Arrows Capital and other companies, and numerous attacks by hackers. Between Bitcoin’s November peak and late June, USD2tr was wiped from the combined market value of crypto assets. Banking giants have avoided crypto for years - JPMorgan Chase & Co chief executive officer Jamie Dimon famously called Bitcoin a “fraud” in 2017.
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