UBS: $1 Trillion Bank Sees Wealthy Clients Allocate Up to 5% to Crypto, Shift From Dollar at Bloomberg Event

UBS Group, the Swiss banking giant with over $1 trillion in assets, reports that its high-net-worth clients, particularly in Asia, are increasingly shifting away from U.S. dollar assets. According to Amy Lo, Co-Head of Wealth Management for Asia at UBS, these clients are reallocating their portfolios toward gold, cryptocurrencies such as Bitcoin, and investments in China.

Lo stated in an interview at the Bloomberg New Voices event in Hong Kong that gold has become especially popular among investors. The shift is attributed to growing concerns over U.S.-China trade tensions and the stability of the U.S. dollar.

UBS indicates that some wealthy clients are diversifying as much as 5% of their total assets into cryptocurrencies.

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