Julius Baer's chief strategy has said cryptocurrencies are still at the stage of a "Darwinian" process of selection and still face different struggles.
"We are still in this Darwinian selection process where different business models get tried and tested, but we haven't seen something that was a clear winner," Christian Gattiker-Ericsson, Julius Baer's chief strategist and head of research and investment solutions, said in an interview with Arabian Business.
Gattiker-Ericsson added that many cryptocurrencies "still struggle with the fact that they have limited or plateauing supply patterns, which actually make them more like a gold than a currency".
[Blockchain will] possibly change the rules of the game”
The executive also characterized blockchain technology as a new frontier, saying that Julius Baer was exploring its possibilities and acknowledged that it will "possibly change the rules of the game."
The Swiss private bank has been supportive of this new digital technology. This February, Julius Baer announced plans to offer clients access to digital asset services via a partnership with now-licensed Swiss crypto bank Seba Crypto. Julius Baer had been a minority stakeholder in Seba since 2018.