The Global Head of Digital at the prestigious bank HSBC, Josh Bottomley, was recently a guest in an interview with Forbes, where he said that the bank is currently “cautiously looking” at cryptocurrency use cases.
In the interview with Forbes, Bottomley was asked about the bank’s approach to crypto. This is when he said that HSBC is “cautiously looking into this area [cryptocurrencies]” and further explained that “there’s a use case when you have a token or currency that’s actually useful for a particular purpose, and it serves that need. But that is very different from if it’s pure speculation.”
Bottomley also added that HSBC is right now “not interested in that at all” and said that the bank “doesn’t believe broadly” in cryptocurrencies as a genuine investment asset. However, he remained optimistic about the future, stating:
“One of the criteria we use is if an asset class is showing incredible volatility up and down. For the vast majority of our customers, that makes it an inappropriate saving or investment vehicle.”
Another HSBC spokesperson recently told Forbes that the bank “does not trade cryptocurrencies nor do we process payments denominated in virtual or cryptocurrencies.”
Still, what’s interesting is that HSBC has been testing the underlying technology of crypto – the blockchain – through a variety of applications. One of them was the first live operations through blockchain via the platform we.trade, of which HSBC is a founding member.
Additionally, in August 2017, the bank joined a project called Utility Settlement Coin (USC) which intends to facilitate the issuance of currencies by central banks by using blockchain technology.
Fundstrat Global Advisors: Bitcoin Will Take Weeks To Repair The Technical Damage
“This week’s breakdown produced significant technical damage that will likely take weeks, if not months, to repair to create a durable enough price ‘structure’ to support a multi-month rally.”Just 24 hours ago, Bitcoin declined below the $5,600 price mark for the first time since October 2017. It looks like losing the support level of $6,000 is a dangerous motion for many industry players especially those who have a business model that is supported on a client pool. The market slump caused many shares of crypto companies to decline by more than 3 percent. However, Rob Sluymer continued to explain that the year-end trend is not broken yet and that stocks of the sectors that are hit the hardest are expected to grow. Earlier this year as well, Tom Lee said he believes that by the end of 2018 Bitcoin will trade between $22,000 and $25,000 and that he expects the volatility to be much higher. In November 2017, Michael Novogratz, the CEO of Galaxy Digital claimed that Bitcoin has to ‘’take out’’ $6,800 if it were to reach $9,000 by the end of the year. He also predicted that this major cryptocurrency could reach up to $20,000 or more in 2019.
ECB Board Member: Bitcoin Is ‘The Evil Spawn Of The Financial Crisis’
“Few remember that Satoshi Nakamoto, the inventor of Bitcoin, embedded the genesis block with a Times headline from January 2009 about U.K. banks’ bailout. In more ways than one, Bitcoin is the evil spawn of the financial crisis.”He acknowledges the enormous interest in this technology but he believes that it is highly unlikely that a central bank digital currency will be issued soon, especially not in the next ten years. The director of the International Monetary Fund Christine Lagarde spoke at the Singapore Fintech Festival where Lagarde urged the entire community to really consider endorsing central-bank issued digital currencies because they could potentially satisfy public policy goals such as financial inclusion. Of course, Coeure’s arguments were totally on the contrary. Also, Stanley Yong’s opinions who is the Chief Technical Officer of IBM, totally different from those of Couere’s, noting that the central-bank issued digital currencies are the only way to mitigate risks that once happened in the Lehman case back in 2008.
5% Of Moscow Residents Who Use Non-Cash Methods Are Open To Using Cryptocurrencies
“In order for non-cash payments to penetrate into the lives of a larger number of citizens, people should also change their perception to understand that this is a safe method of payment.”
Crypto Market Capitalization Has Fallen To A New 2018 Low
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