VanEck CEO Gabor Gurbacs has reacted furiously to a pronouncement by Allianz CEO Andreas Utermann calling for cryptocurrency to be outlawed.
In a now deleted thread on his Twitter account, Gurbacs called out insurance giant Allianz for its treatment of his mother when she needed to make a claim following a serious car accident. Inferring that Allianz and other insurance companies are in no position to adopt a position of moral superiority over crypto investors and businesses, Gurbacs admonished the company to “shut the f*** up.”
The tweet read:
“My mother almost died in a car accident a few years ago. All injuries theoretically covered in Allianz insurance policies. They didn’t pay when we most needed coverage that was paid for. Allianz should shut the f*** up on anything #crypto or #insurance!”
Gurbacs Takes Allianz To Task
Earlier this week, comments by Utermann at a panel discussion in London made headlines around the world when he stated that the regulatory approach to cryptocurrencies should be a Chinese-style outright ban, as against the variety of regulatory frameworks being considered or implemented by regulators in most major economies around the world.
In his view, cryptocurrencies offer absolutely no value worth regulating, and as such should be treated the same way as ponzi schemes or money laundering networks. Expectedly, this view has not gone down well in crypto circles with Gurbacs issuing the most noticeable riposte amidst a groundswell of anger against what many cryptocurrency holders and investors see as a message by an attack dog working for a discredited financial system.
Writing on his Twitter thread, Gurbacs stated that rather than crypto, it is in fact insurers that need to be regulated with an iron fist, due to what he alleged is their habit of regularly misleading their customers and intentionally mis-selling products that they know are ill-suited to the needs of customers.
In his words:
“Insurance companies regularly mislead investors, their disclosure systems are questionable and leave clients behind when they most needed. Insurance companies need more regulation, not crypto…The state by state regulation of insurance companies, and inconsistencies across the board, make it practically impossibly for policy buyers to understand what the heck they are buying. Buying insurance is like intending to buy bread but getting horse-sh*t instead.”
Gurbacs has been in the news for an altogether different reason recently, following his pronouncement that VanEck is “cautiously optimistic” of being successful in its application to the SEC for a bitcoin ETF, even as the SEC issued a final 3-month extension to enable it to come to a decision.
Featured image from Shutterstock.
Get Exclusive Crypto Analysis by Professional Traders and Investors on Hacked.com. Sign up now and get the first month for free. Click here.