Arab Press

بالشعب و للشعب
Wednesday, Feb 11, 2026

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
Prince William in Saudi Arabia on Official Three-Day Visit to Strengthen UK-Saudi Relations
Prince William Highlights Women’s Sport During High-Profile Visit to Saudi Arabia
Prince William Begins High-Profile Diplomatic Mission to Saudi Arabia
Syria and Saudi Arabia Seal Multibillion-Dollar Investment Agreements to Drive Post-War Economic Reconstruction
Apple iPhone Lockdown Mode blocks FBI data access in journalist device seizure
Foreign Governments and Corporations Spend Millions with Trump-Linked Lobbying Firm in Washington
KPMG Urges Auditor to Relay AI Cost Savings
Saudi Arabia Quietly Allows Wealthy Foreign Residents to Buy Alcohol, Signalling Policy Shift
US and Iran to Begin Nuclear Talks in Oman
China unveils plans for a 'Death Star' capable of launching missile strikes from space
Investigation Launched at Winter Olympics Over Ski Jumpers Injecting Hyaluronic Acid
U.S. State Department Issues Urgent Travel Warning for Citizens to Leave Iran Immediately
Wall Street Erases All Gains of 2026; Bitcoin Plummets 14% to $63,000
Eighty-one-year-old man in the United States fatally shoots Uber driver after scam threat
German Chancellor Friedrich Merz Begins Strategic Gulf Tour with Saudi Arabia Visit
Dubai Awards Tunnel Contract for Dubai Loop as Boring Company Plans Pilot Network
Five Key Takeaways From President Erdoğan’s Strategic Visit to Saudi Arabia
AI Invented “Hot Springs” — Tourists Arrived and Were Shocked
Erdoğan’s Saudi Arabia Visit Focuses on Trade, Investment and Strategic Cooperation
Germany and Saudi Arabia Move to Deepen Energy Cooperation Amid Global Transition
Saudi Aviation Records Historic Passenger Traffic in 2025 and Sets Sights on Further Growth in 2026
Tech Market Shifts and AI Investment Surge Drive Global Innovation and Layoffs
Global Shifts in War, Trade, Energy and Security Mark Major International Developments
Tesla Ends Model S and X Production and Sends $2 Billion to xAI as 2025 Revenue Declines
The AI Hiring Doom Loop — Algorithmic Recruiting Filters Out Top Talent and Rewards Average or Fake Candidates
Federal Reserve Holds Interest Rate at 3.75% as Powell Faces DOJ Criminal Investigation During 2026 Decision
Putin’s Four-Year Ukraine Invasion Cost: Russia’s Mass Casualty Attrition and the Donbas Security-Guarantee Tradeoff
Saudi Crown Prince Tells Iranian President: Kingdom Will Not Host Attacks Against Iran
U.S. Central Command Announces Regional Air Exercise as Iran Unveils Drone Carrier Footage
Trump Defends Saudi Crown Prince in Heated Exchange After Reporter Questions Khashoggi Murder and 9/11 Links
Saudi Stocks Rally as Kingdom Prepares to Fully Open Capital Market to Global Investors
Air France and KLM Suspend Multiple Middle East Routes as Regional Tensions Disrupt Aviation
Saudi Arabia scales back Neom as The Line is redesigned and Trojena downsized
Saudi Industrial Group Completes One Point Three Billion Dollar Acquisition of South Africa’s Barloworld
Saudi-Backed LIV Golf Confirms Return to Trump National Bedminster for 2026 Season
Gold Jumps More Than 8% in a Week as the Dollar Slides Amid Greenland Tariff Dispute
Boston Dynamics Atlas humanoid robot and LG CLOiD home robot: the platform lock-in fight to control Physical AI
United States under President Donald Trump completes withdrawal from the World Health Organization: health sovereignty versus global outbreak early-warning access
Trump Administration’s Iran Military Buildup and Sanctions Campaign Puts Deterrence Credibility on the Line
Tech Brief: AI Compute, Chips, and Platform Power Moves Driving Today’s Market Narrative
NATO’s Stress Test Under Trump: Alliance Credibility, Burden-Sharing, and the Fight Over Strategic Territory
Saudi Arabia’s Careful Balancing Act in Relations with Israel Amid Regional and Domestic Pressures
Greenland, Gaza, and Global Leverage: Today’s 10 Power Stories Shaping Markets and Security
America’s Venezuela Oil Grip Meets China’s Demand: Market Power, Legal Shockwaves, and the New Rules of Energy Leverage
Trump’s Board of Peace: Breakthrough Diplomacy or a Hostile Takeover of Global Order?
Trump’s Board of Peace: Breakthrough Diplomacy or a Hostile Takeover of Global Order?
Trump’s Board of Peace: Breakthrough Diplomacy or a Hostile Takeover of Global Order?
Trump’s Board of Peace: Breakthrough Diplomacy or a Hostile Takeover of Global Order?
Prince William to Make Official Visit to Saudi Arabia in February
Saudi Arabia Advances Ambitious Artificial River Mega-Project to Transform Water Security
×