HSBC chief: We do not view Bitcoin as an asset class

HSBC chief executive Noel Quinn told Reuters in an interview that the UK’s largest bank does not intend to launch a cryptocurrency trading desk or offer them to clients as an investment vehicle.

\n\n\n\n

“Given the volatility, we do not view Bitcoin as an asset class. If our clients want to trade cryptocurrencies, they will. But we do not promote it as an asset class within our asset-management business,” Quinn said.

\n\n\n\n

The HSBC chief executive also noted the difficulties of converting cryptocurrencies into fiat and criticised stablecoins for issues with collateral and availability.

\n\n\n\n

In January, The Sunday Times reported the blocking of transfers related to cryptocurrency exchanges by HSBC.

\n\n\n\n

In April, clients of the UK’s largest bank complained about a ban on buying MicroStrategy shares. HSBC confirmed the information.

\n\n\n\n

In May, JPMorgan CEO Jamie Dimon admitted clients’ interest in Bitcoin. In April he called for tighter regulation of cryptocurrencies.

\n\n\n\n

On May 22, economist Alex Kruger published screenshots of allegedly a new Goldman Sachs report in which the investment bank’s experts acknowledged cryptocurrencies as an asset class.

\n\n\n\n

Follow ForkLog’s Bitcoin news on our Telegram — cryptocurrency news, prices and analysis.