Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

HSBC doesn't want in on bitcoin mania

HSBC doesn't want in on bitcoin mania

HSBC CEO Noel Quinn isn't buying into the bitcoin craze.
The chief executive told Reuters in an interview this week that his bank has no plans to launch a cryptocurrency trading desk, and "given the volatility, we are not into bitcoin as an asset class."

HSBC confirmed Quinn's remarks to CNN Business but declined to comment further.

Bitcoin (XBT) is currently on a roller coaster ride. The virtual currency has continuously made headlines for its wild price swings, and has dropped more than 30% in value this month alone, from roughly $58,000 to just over $39,000 per coin, according to cryptocurrency tracker CoinDesk.

Bitcoin is still up more than 30% so far this year.

One of the major triggers for the recent unpredictability has been Elon Musk. The Tesla (TSLA) CEO frequently causes a stir among investors after sharing his views on cryptocurrencies. Some have also tried to trawl his tweets for clues on Tesla's investment plans for bitcoin.

China has also shaken the market by signaling further plans to curb the industry. Last week, Chinese finance and banking regulators instructed financial institutions and payment firms to not participate in any transactions involving cryptocurrency, or provide related services to their clients.

Vice Premier Liu He also told Chinese finance officials late last week that the government would "clamp down on bitcoin mining and trading activity."
Officials elsewhere have expressed concern recently, too. On Monday, Bank of England Governor Andrew Bailey warned that cryptocurrencies could be "dangerous."

"It's easy to get carried away with financial innovation," he said at a virtual Treasury select committee hearing. "It's why I'm skeptical about crypto assets, frankly, because they're dangerous and there's a huge enthusiasm out there."

HSBC's (HSBC) comments come as other financial heavyweights jump on the crypto bandwagon.

In 2019, less than two years after JPMorgan (JPM) CEO Jamie Dimon dismissed bitcoin as a "fraud," his bank unveiled its own digital coin.

Morgan Stanley (MS) has also begun offering some of its clients a way to invest in bitcoin, while Goldman Sachs (GS) recently relaunched its cryptocurrency trading desk.

Mathew McDermott, global head of digital assets at Goldman Sachs, discussed the decision to jump back into the space in an interview published by the bank's researchers last week, saying that there was more "client demand, pure and simple."

"Bitcoin is now considered an investable asset," McDermott added. "There's no doubt that 'fear of missing out' (FOMO) is playing a role."

Bridgewater Associates' billionaire founder Ray Dalio has also gotten in on the action. In an interview with CoinDesk published this week, he said that he'd "rather have bitcoin than a bond," revealing that he owned some of the currency himself.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
Russia's Fossil Fuel Revenues Approach €900 Billion Since Ukraine Invasion
Alcohol Industry Faces Increased Scrutiny Amid Health Concerns
U.S. Goods Imports Plunge Nearly 20% Amid Tariff Disruptions
Italy Faces Population Decline Amid Youth Emigration
Trump Accuses China of Violating Trade Agreement
OpenAI Faces Competition from Cheaper AI Rivals
Foreign Tax Provision in U.S. Budget Bill Alarms Investors
Russia Accuses Serbia of Supplying Arms to Ukraine
Gerry Adams Wins Libel Case Against BBC
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
EU Majority Demands Hungary Reverse Anti-LGBTQ+ Laws
Top Hotel Picks for 2025 Stays in Budapest Revealed
Iron Maiden Unveils 2025 Tour Setlist in Budapest
Chinese Film Week Opens in Budapest to Promote Cultural Exchange
Budapest Airport Launches Direct Flights to Shymkent
Von der Leyen Denies Urging EU Officials to Skip Budapest Pride
Alcaraz and Sinner Advance with Convincing Wins at Roland Garros
EU Ministers Lack Consensus on Sanctioning Hungary Over Rule of Law
EU Nations Urge Action Against Hungary's Pride Parade Ban
Putin's Helicopter Reportedly Targeted by Ukrainian Drones
U.S. Considers Withdrawing Troops from Europe
Russia Deploys Motorbike Squads in Ukraine Conflict
Critics Accuse European Court of Human Rights of Overreach
Spain Proposes 100% Tax on Non-EU Holiday Home Purchases
German Intelligence Labels AfD as Far-Right Extremist
Geert Wilders Threatens Dutch Coalition Over Migration Policy
Hungary Faces Multiple Challenges Amid EU Tensions and Political Shifts
Denmark Increases Retirement Age to 70, Setting a European Precedent
Any trade deal with US must be based on respect not threats', says EU commissioner
UK Leads in Remote Work Adoption, Averaging 1.8 Days a Week
Thirteen Killed in Russian Attacks Across Ukraine
High-Profile Incidents and Political Developments Dominate Global News
Netanyahu Accuses Western Leaders of 'Emboldening Hamas'
Ukraine and Russia Conduct Largest Prisoner Exchange of the War
×