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HSBC (HSBC) has no plans to launch bitcoin trading
HSBC (HSBC) confirms that it is not launching bitcoin trading or promoting it to clients, citing concerns of heightened volatility and a lack of transparency.
HSBC (HSBC) has confirmed that it is not planning to launch bitcoin trading. Noel Quinn, HSBC’s chief executive officer, told Reuters that the bank has decided to forgo bitcoin trading because the cryptocurrency remains too volatile. He 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.”
Quinn added: “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.” HSBC’s decision comes amid a rush of news regarding competitor banks launching cryptocurrency trading divisions. Saxo Markets, the digital investment division of Goldman Sachs (GS), recently launched a cryptocurrency trading service called Crypto FX.
Bitcoin’s price has experienced a series of dramatic highs and lows over the course of the last week. On Monday, bitcoin fell nearly 50% and was traded at $34,464. This low comes just 40 days after it was traded at a dramatic year high of $64,895. One of the reasons for the low experienced this week is the fact that the Chinese government has announced new regulations on bitcoin and tighter regulation of all cryptocurrencies.
However, it is likely that bitcoin could surge back, regardless of the increased pressure from Chinese regulators. Speaking with CNBC, Bobby Lee, CEO of Ballet, a cryptocurrency wallet, expects bitcoin to surge back to previous heights. Lee also expects Chinese pressure to ease off cryptocurrency regulation.
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