UBS noted the rise in interest from large Asian clients in Bitcoin and gold

Wealthy UBS clients in Asia are shifting from dollar assets to gold, cryptocurrencies, and Chinese markets. This was stated by representatives of Switzerland’s largest bank, reports Cointelegraph.

As the main reasons, the co-head of UBS’s asset management department in Asia, Amy Lo, cited the growing geopolitical uncertainty and persistent volatility.

According to her, clients are now striving for a broader range of alternative instruments, including cryptocurrencies, commodities, and other currencies. In conditions of market turbulence, they are reallocating funds in favor of safe-haven assets and growth opportunities in new regions.

According to the latest survey by Bank of America, the largest fund managers have conducted the most significant reduction of US dollar-denominated investments in 19 years.

Galaxy Digital noted that Bitcoin is increasingly seen as a digital version of gold, and interest from institutions, exchange-traded funds, and even governments is growing.

Recall that NYDIG researchers stated that the first cryptocurrency has strengthened as a defensive asset after the “Liberation Day” of U.S. President Donald Trump. Similar conclusions were reached by QCP Capital.