HSBC Confirms Crypto Stance and Its CEO Says No to Bitcoin

HSBC, one of the largest investment banks worldwide, confirmed it is not planning to launch crypto trading.

The statement came after Bitcoin’s recent 50% slump after China’s latest crackdown​ on crypto trading and crypto miner's halt of China businessas well as Elon Musk’s last week critique on Bitcoin energy consumption and reversing his position on Tesla accepting Bitcoin as payment.

Recently, a growing number of major banks are beginning to offer crypto services. For example, Goldman Sachs 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. 

HSBC confirmed its stance with no plans to launch a Bitcoin trading desk. According to the latest report by Reuters, Noel Quinn, CEO of HSBC, said: “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.”

“I view Bitcoin as more of an asset class than a payments vehicle, with very difficult questions about how to value it on the balance sheet of clients because it is so volatile”, Noel added.