HSBC says no to Bitcoin, CEO terms crypto too volatile, tough to value and lacks transparency

HSBC CEO has shared the bank's definite stance on cryptocurrency, denying any interest to offer Bitcoin as an asset class to its clients.

In the ongoing global debate on the acceptance of Bitcoin and cryptocurrencies in general, HSBC has now opted against their use. One of the world's largest banks, HSBC, has dismissed Bitcoin as an asset class, claiming it to be too volatile. The banking major has revealed that it has no plans to foray into the Bitcoin market due to its volatility and lack of transparency. This means that HSBC will not be offering any services related to Bitcoin to its users. HSBC CEO Noel Quinn revealed the decision on cryptocurrency during a recent interview with Reuters. Quinn said that Bitcoin is too volatile for HSBC to offer as an asset class within its wealth management business.