HSBC not into Bitcoin as an asset class
Over the past few months, several traditional banks and financial institutions have opened their doors to Bitcoin and a wide range of other digital currencies. However, some of the banks are still not convinced about Bitcoin's potential or its status as an asset class.HSBC CEO Noel Quinn told Reuters in an interview earlier today that the bank has no plans to start a cryptocurrency trading desk or offer it as an investment vehicle to its clients. According to the CEO, Bitcoin's volatility and lack of transparency are why the bank is not adopting it. "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," Quinn added.
Quinn said he believes Bitcoin lacks transparency because it is difficult to know who owns crypto. He added that there are issues with cryptocurrency's easy conversion into fiat money. The CEO is not a fan of volatility but also believes he also has a problem with stablecoins. "Then you get to stablecoins, which do have some reserve backing behind them to address the stored value concerns, but it depends on who the sponsoring organisation is plus the structure and accessibility of the reserve," Quinn said.
HSBC is pessimistic about Bitcoin
HSBC airing its negative views on Bitcoin isn't a surprise. The bank has made it tough for its clients to buy cryptocurrencies. Last month, the bank's online share-dealing service HSBC InvestDirect banned its customers from purchasing MicroStrategy shares. MicroStrategy is the company with the highest Bitcoin holdings in the world, and HSBC banned its clients from buying MicroStrategy shares due to BTC concerns. The bank said it "has no appetite for direct exposure to virtual currencies [VCs] and limited appetite to facilitate products or securities that derive their value from VCs."While HSBC is still against cryptocurrencies, some major investment banks are warming up to Bitcoin. In recent months, Goldman Sachs, Morgan Stanley, Citigroup, UBS, and JPMorgan have all made moves into the market.
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