In May 2021, the CEO of HSBC already stated that he sees bitcoin as an asset class more than a payment vehicle. Recently, he further added that he questions the relevance of cryptocurrency as a commodity. This reluctance is among other reasons he gave for why HSBC is against crypto.
HSBC CEO announces that his bank does not want cryptocurrency.
Cryptos are too volatile
During his interviewHSBC CEO Noel Quinn said: As a bank, we do not enter the world of crypto, crypto trading and crypto exchanges.This is a clear and unequivocal response from the head of Europe’s largest bank. Moreover, Noel Quinn was quick to say that HSBC is not the only bank to be reluctant to cryptocurrency. Nevertheless, it remains the most negative.
The main reason he gave is the volatility of cryptocurrencies. He indeed pointed out that cryptos are too volatile. He also added that he is worried about the sustainability of the valuations of these digital assets.
Assets with no certain future according to the CEO of HSBC
The CEO of HSBC said during his interview: “I’m not going to predict where this will go in the future.Words that suggest that this banker has no confidence in the future of cryptocurrency. He did not hesitate to assert his skepticism.
Like Noel Quinn, Andrew Bailey, the Governor of the Bank of England, had also spoken negatively about crypto. He stated that: “Cryptocurrencies could be dangerous.“Remarks which suggest that cryptocurrencies will have difficulty integrating the banks of Europe!
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