The slogan ‘crypto is the future!’ you’ve probably heard enough. That’s what Crypto Insiders is for, of course. But not everyone is convinced of this, as it turns out from time to time. The CEO of British banking giant HSBC is one of those who remain very cautious.
HSBC continues to avoid crypto market
Last week, HSBC’s CEO Noel Quinn was a guest on CNBC’s television channel. Here he stated that the major investment bank is still not going to invest in cryptocurrencies. In fact, the bank stays completely away from crypto:
As a bank, we do not enter the world of crypto trading, crypto exchanges [en de crypto-industrie in het algemeen.]
So clear language. So the CEO not only wants the bank not to invest in tokens, but also not to offer them to customers or invest in companies in the sector. So HSBC completely avoids the industry.
Cryptocurrencies are too volatile, according to the CEO. He is concerned about the sustainability of the token values, and has been for some time. He does say he does not make any predictions about the market. So he is not saying that he thinks the market will go to zero. But his decisions say more than enough about his opinion in this case.
India is well-positioned for future FDI inflows, says Noel Quinn of @HSBC as he talks to @ShereenBhan on Central Bank action, rise in #inflation & why he won’t get into the #crypto world https://t.co/cFwON75P1D
— CNBC TV18 (@CNBCTV18News) Sep 9, 2022
Skeptical, but still crypto investments?
Last year, at the bull market summit, Quinn also spoke about bitcoin (BTC) specifically. He was skeptical then too, and HSBC had no intention of investing in crypto even then. So the bank has not felt the need to invest for a long time, just like, for example, Berkshire Hathaway top executives Warren Buffet and Charlie Munger.
The latter recently called crypto a “defective investment” and even a venereal disease. Nevertheless, Berkshire Hathaway invests indirectly in crypto, because it bought a large share in the Brazilian bank Nubank. This company is very vocal and positive about crypto, even converting 1% of its cash into BTC.
Something similar could apply to HSBC. The bank previously allowed investors to buy shares of MicroStrategy (MSTR). In addition, it also bought a piece of land itself in the Sandbox (SAND) metaverse.