Bitcoin promotion is not on the agenda of HSBC, one of the world’s biggest and most influential banks. The institution will not be promoting Bitcoin in its wealth management businesses.
Reuters recently quoted the banks CEO, Noel Quinn, on the main reason why the organization will not be launching a BTC trading desk, stating that the biggest reason is its constant state of volatility:
“Given the volatility, we are not into Bitcoin as an asset class…we are not promoting it as an asset class within our wealth management business,”
The CEO attached the term “asset class”, mentioning that the digital coin is extremely difficult to value due to its volatility and lack of transparency. Quinn was also reported to have said that the bank will not be doing stablecoins-related business either.
Meanwhile, rivals of HSBC, namely Goldman Sachs announced that it has restarted its crypto trading desk. Moreover, Wells Fargo also announced that it will be offering crypto services to its more wealthy clientele.
Since the latest news from China and the controversy surrounding Elon Musk’s views on BTC, the price of the digital coin has experienced a massive volatile movement. It is now around the $35 000 price mark, and it accounts for, on average, 46% of the global crypto market cap.
