HSBC has no plans to launch a crypto trading desk or offer cryptocurrencies to its customers, HSBC CEO Noel Quinn told Reuters.
“Given the volatility, we are not into Bitcoin as an asset class, if our clients want to be there then of course they are, but we are not promoting it as an asset class within our wealth management business,” Quinn said.
HSBC’s announcement comes at a time when Bitcoin has come under fire. In the last month, Bitcoin’s price has fallen, with drops of first 26% and then 35% in the last two weeks. Today’s price of approximately $38,000 is a far cry from Bitcoin’s all-time high of about $64,500.
On May 12, Tesla CEO Elon Musk announced that the EV manufacturer had reversed course on Bitcoin and was no longer accepting the cryptocurrency as payment, due to concerns over its carbon footprint.
“We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of an
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