Home Crypto British banking giant stays away from crypto, says CEO

British banking giant stays away from crypto, says CEO

Britse bankgigant blijft weg van crypto, zegt CEO

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.

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.



Please enter your comment!
Please enter your name here

Exit mobile version