Arab Press

بالشعب و للشعب
Sunday, Aug 31, 2025

HSBC doesn't want in on bitcoin mania

HSBC doesn't want in on bitcoin mania

HSBC CEO Noel Quinn isn't buying into the bitcoin craze.
The chief executive told Reuters in an interview this week that his bank has no plans to launch a cryptocurrency trading desk, and "given the volatility, we are not into bitcoin as an asset class."

HSBC confirmed Quinn's remarks to CNN Business but declined to comment further.

Bitcoin (XBT) is currently on a roller coaster ride. The virtual currency has continuously made headlines for its wild price swings, and has dropped more than 30% in value this month alone, from roughly $58,000 to just over $39,000 per coin, according to cryptocurrency tracker CoinDesk.

Bitcoin is still up more than 30% so far this year.

One of the major triggers for the recent unpredictability has been Elon Musk. The Tesla (TSLA) CEO frequently causes a stir among investors after sharing his views on cryptocurrencies. Some have also tried to trawl his tweets for clues on Tesla's investment plans for bitcoin.

China has also shaken the market by signaling further plans to curb the industry. Last week, Chinese finance and banking regulators instructed financial institutions and payment firms to not participate in any transactions involving cryptocurrency, or provide related services to their clients.

Vice Premier Liu He also told Chinese finance officials late last week that the government would "clamp down on bitcoin mining and trading activity."
Officials elsewhere have expressed concern recently, too. On Monday, Bank of England Governor Andrew Bailey warned that cryptocurrencies could be "dangerous."

"It's easy to get carried away with financial innovation," he said at a virtual Treasury select committee hearing. "It's why I'm skeptical about crypto assets, frankly, because they're dangerous and there's a huge enthusiasm out there."

HSBC's (HSBC) comments come as other financial heavyweights jump on the crypto bandwagon.

In 2019, less than two years after JPMorgan (JPM) CEO Jamie Dimon dismissed bitcoin as a "fraud," his bank unveiled its own digital coin.

Morgan Stanley (MS) has also begun offering some of its clients a way to invest in bitcoin, while Goldman Sachs (GS) recently relaunched its cryptocurrency trading desk.

Mathew McDermott, global head of digital assets at Goldman Sachs, discussed the decision to jump back into the space in an interview published by the bank's researchers last week, saying that there was more "client demand, pure and simple."

"Bitcoin is now considered an investable asset," McDermott added. "There's no doubt that 'fear of missing out' (FOMO) is playing a role."

Bridgewater Associates' billionaire founder Ray Dalio has also gotten in on the action. In an interview with CoinDesk published this week, he said that he'd "rather have bitcoin than a bond," revealing that he owned some of the currency himself.
Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Israeli Airstrike in Yemen Kills Houthi Prime Minister
After the Shock of Defeat, Iranians Yearn for Change
YouTube Altered Content by Artificial Intelligence – Without Permission
Iran Faces Escalating Water Crisis as Protests Spread
More Than Half a Million Evacuated as Typhoon Kajiki Heads for Vietnam
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Trump Backs Putin’s Land-for-Peace Proposal Amid Kyiv’s Rejection
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
United States Sells Luxury Yacht Amadea, Valued at Approximately $325 Million, in First Sale of a Seized Russian Yacht Since the Invasion of Ukraine
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
×