London Daily

Focus on the big picture.
Sunday, Feb 08, 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

0:00
0:00
Close
UK Confirms Imminent Increase in ETA Fee to £20 as Entry Rules Tighten
UK Signals Possible Seizure of Russia-Linked ‘Shadow Fleet’ Tanker in Escalation of Sanctions Enforcement
Epstein Scandal Piles Unprecedented Pressure on UK Prime Minister Keir Starmer’s Leadership
UK’s ‘Most Romantic Village’ Celebrates Valentine’s Day and Explores the Festival’s Rich History
The Implications of Expanding Voting Rights to Non-EU Foreign Residents in France
Ghislaine Maxwell to Testify Before US Congress on February 9
Al.com Acquired by Crypto.com Founder for $70 Million
Apple iPhone Lockdown Mode blocks FBI data access in journalist device seizure
Belgium: Man Charged with Rape After Faking Payment to Sex Worker
KPMG Urges Auditor to Relay AI Cost Savings
US and Iran to Begin Nuclear Talks in Oman
Winklevoss-Led Gemini to Slash a Quarter of Jobs and Exit European and Australian Markets
Canada Opens First Consulate in Greenland Amid Rising Geopolitical Tensions
China unveils plans for a 'Death Star' capable of launching missile strikes from space
NASA allows astronauts to take smartphones on upcoming missions to capture special moments.
Trump administration to launch TrumpRx.gov for direct drug purchases
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
Epstein Case Documents Reignite Global Scrutiny of Political and Business Elites
Eighty-one-year-old man in the United States fatally shoots Uber driver after scam threat
UK Royal Family Faces Intensifying Strain as Epstein-Linked Revelations Rock the Institution
Political Censorship: French Prosecutors Raid Musk’s X Offices in Paris
AI Invented “Hot Springs” — Tourists Arrived and Were Shocked
Tech Mega-Donors Power Trump-Aligned Fundraising Surge to $429 Million Ahead of 2026 Midterms
UK Pharma Watchdog Rules Sanofi Breached Industry Code With RSV Vaccine Claims Against Pfizer
Melania Documentary Opens Modestly in UK with Mixed Global Box Office Performance
Starmer Arrives in Shanghai to Promote British Trade and Investment
Harry Styles, Anthony Joshua and Premier League Stars Among UK’s Top Taxpayers
New Epstein Files Include Images of Former Prince Andrew Kneeling Over Unidentified Woman
Starmer Urges Former Prince Andrew to Testify Before US Congress About Epstein Ties
Starmer Extends Invitation to Japan’s Prime Minister After Strategic Tokyo Talks
Skupski and Harrison Clinch Australian Open Men’s Doubles Title in Melbourne
DOJ Unveils Millions of Epstein Files, Fueling Global Scrutiny of Elite Networks
France Begins Phasing Out Zoom and Microsoft Teams to Advance Digital Sovereignty
China Lifts Sanctions on British MPs and Peers After Starmer Xi Talks in Beijing
Trump Nominates Kevin Warsh as Fed Chair to Reorient U.S. Monetary Policy Toward Pro-Growth Interest Rates
AstraZeneca Announces £11bn China Investment After Scaling Back UK Expansion Plans
Starmer and Xi Forge Warming UK-China Ties in Beijing Amid Strategic Reset
Tech Market Shifts and AI Investment Surge Drive Global Innovation and Layoffs
Markets Jolt as AI Spending, US Policy Shifts, and Global Security Moves Drive New Volatility
U.S. Signals Potential Decertification of Canadian Aircraft as Bilateral Tensions Escalate
Former South Korean First Lady Kim Keon Hee Sentenced to 20 Months for Bribery
Tesla Ends Model S and X Production and Sends $2 Billion to xAI as 2025 Revenue Declines
China Executes 11 Members of the Ming Clan in Cross-Border Scam Case Linked to Myanmar’s Lawkai
Trump Administration Officials Held Talks With Group Advocating Alberta’s Independence
Starmer Signals UK Push for a More ‘Sophisticated’ Relationship With China in Talks With Xi
Shopping Chatbots Move From Advice to Checkout as Walmart Pushes Faster Than Amazon
Starmer Seeks Economic Gains From China Visit While Navigating US Diplomatic Sensitivities
Starmer Says China Visit Will Deliver Economic Benefits as He Prepares to Meet Xi Jinping
×