Reuters reported Allianz Global Investors CEO Andreas Utermann, 52, as having said to a London panel, “You should outlaw it,” while discussing cryptocurrency. “I am personally surprised that regulators haven’t stepped in harder,” he lamented. The report shocks exactly no one even mildly familiar with tension between legacy banking and digital assets. Utermann is one in a long line of corporate banking executives who have barked publicly for decentralized, peer-to-peer money to be shut down.
Global Investment Banker Andreas Utermann Wants Crypto Outlawed
Allianz Global Investors manages half of a trillion euros in assets, including retail and institutional investors. It’s one of the continent’s largest managers of money, and it has taken to vocal opposition of crypto, something the CEO believes is a fraud.
According to Reuters, “Utermann made the comments sitting next to Andrew Bailey, the head of Britain’s Financial Conduct Authority. Bailey responded saying ‘that’s quite strong actually!’ before adding there was ‘no intrinsic value’ in cryptoassets. ‘We are watching that very closely.’ Authorities also had crypto coin offerings (ICOs), which firms have used as an alternative way to raise funding, under surveillance too, Bailey said.”
Utermann has a history of talking down about unregulated digital money. Around this time last year, as guest on Bloomberg Surveillance, he told host Tom Keene how Bitcoin was “pretty valueless” when it was taken into account as a whole.
For enthusiasts, these are not revelations. Utermann follows his cushioned, well connected peers in continuing to beat the drum for more government intervention in an effort to dispatch of the entire crypto experiment. He wasn’t the first, and will not be the last. The lack of awe toward an asset not birthed by a large corporate endowments or sweetheart political deals is downright strange, some believe. It is, still others insist, a threat to bankers such as Utermann almost by definition. They must cheer its demise in the same way those without love for government programs and crony capitalism advocate for crypto’s adoption. With prices in the tank, stakes are ever higher for both sides.
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