Swiss multinational bank says: Cryptocurrencies are still in a "Darwinian" evolution process.

Swiss multinational private bank Julius Baer believes that cryptocurrency is still in a "Darwinian" evolution stage, with no clear winner emerging in terms of applications.

Julius Baer Group during an interview with Arabian Business on October 29, Chief Strategic Officer Christian Gattiker-Ericsson stated:

We are still in a Darwinian selection process, trying and testing different business models, but we have not yet seen any clear-cut winners emerge.

Cryptocurrencies Resemble Gold More Than Currency

Gattiker-Ericsson strongly advocates for the new asset class, indicating that many cryptocurrencies still face limited or stable supply models, making them more akin to gold than currency, a fact that still needs to be addressed.

Furthermore, Gattiker-Ericsson does not express support for the decentralized spirit derived from cryptocurrencies, stating:

Innovators will need to be able to transfer the "trust from money, central banks, and governments" into a virtual, decentralized world.

Nevertheless, Gattiker-Ericsson believes that blockchain technology is at the forefront of innovation, with Julius Baer actively exploring its possibilities and acknowledging that it could "change the rules of the game."

Cryptocurrencies Are Like Gambling

According to a report, former CEO of Julius Baer Group, Bernhard Hodler, likened cryptocurrencies to gambling in an interview in 2018.

However, despite Hodler's emphasis at the time that the bank did not recommend its clients to speculate in this area, Julius Baer Group's attitude towards cryptocurrencies has since made a 180-degree turn.

In February of this year, Julius Baer Group announced a new initiative to provide digital asset services to clients through a partnership with the licensed Swiss crypto bank Seba Crypto. Additionally, Julius Baer Group is also one of the minority shareholders in Seba.

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