The increase in institutional adoption in Bitcoin, which has gone through a very good 2020 and 2021, has dragged banks into this area. Many banks in the USA have started to issue trading services for Bitcoin to meet the increasing customer demands.
However, not everyone thinks this trend is a healthy one. Noel Quinn, CEO of British banking giant HSBC, announced that they are not considering offering Bitcoin and cryptocurrency services. This statement is not the first negative statement from the HSBC wing. In its previous statements, the British giant also signaled that it would stay distant to crypto coins and Bitcoin.
Speaking to the Reuteurs, Quinn; “We are not going into Bitcoin as an asset class, given volatility. If our clients want to invest in Bitcoin, of course they can. However, we do not introduce this to our customers as an asset class, ”he said.
Stating that they are not optimistic about whether stablecoins are fully supported by real dollars, Quinn expressed skepticism in this area due to reserve problems and concerns about accessibility.