HSBC CEO Noel Quinn Says No to Bitcoin

0
51

HSBC, one of the largest investment banks worldwide, is not planning to promote Bitcoin within its wealth management business.

According to the latest report published by Reuters, HSBC has no plans to launch a Bitcoin trading desk. “Given the volatility, we are not into Bitcoin as an asset class, if our clients want to be there then of course they are, but we are not promoting it as an asset class within our wealth management business,” Noel Quinn, CEO of HSBC, told Reuters.

Looking Forward to Meeting You at iFX EXPO Dubai May 2021 – Making It Happen!

The latest announcement by HSBC highlights a different view regarding Bitcoin as rival bank Goldman Sachs recently restarted its cryptocurrency trading desk. Additionally, Wells Fargo, the US-based financial services giant, announced last week that the bank is planning to offer cryptocurrency services to its rich clients.

Suggested articles

How Will The Banks of The Future Look?Go to article >>

During the interview with Reuters, Quinn mentioned that the bank has no plans to rush into stablecoins. Quinn termed Bitcoin as an asset class and mentioned that it is extremely difficult to value the world’s largest cryptocurrency due to its volatility.

Bitcoin Correction

The price of BTC experienced extreme volatility in the last few days due to announcements from Tesla and China. The world’s most valuable digital currency touched a low of nearly $31,000 on Sunday, its lowest level since January 2021. Bitcoin volatility triggered massive liquidations across different trading platforms in…

Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here