The HSBC bank’s CEO says that Bitcoin is not on the agenda. As a result, the bank will not be joining the growing list of banks offering Bitcoin and cryptocurrency investment products to their customers and clients.
Negative Stance
The recent tumultuous price action of cryptocurrencies seems to be providing ample opportunity for all the popular anti-Crypto. As a result, it is doubling its negative stance towards virtual currency.
Novel Quinn
Novel Quinn, the CEO of HSBC, spoke to Reuters on Monday. He said that the bank was not interested in running a Crypto trading desk.
Volatility
Moreover, the bank is also not interested in offering Crypto-related investment packages to its clients. Quinn also identified volatility as the primary cause for the bank’s decision.
Not Ready
Moreover, there is an emerging trend of other major Financial Institutions announcing plans to open up Crypto investment. However, the bank is not ready.
Wells Fargo
Wells Fargo, an investment banking giant, announced plans to debut a Crypto investment product for its major Clients earlier in May.
Asset Class
Detailing the bank’s reluctance on Bitcoin and cryptocurrency in general, Quinn opined that Bitcoin is more of an asset class than a payments vehicle. He also added that there are many difficult questions on how to value it on the clients’ balance sheet because of its volatility.
