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August 9, 2022
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HSBC Canada makes it difficult to invest in Microstrategy shares –

HSBC Canada prevents its customers from buying products that are tied to the cryptocurrency market – Microstrategy stocks.

HSBC Canada makes it difficult to invest in the cryptocurrency market

At the peak of the last BTC bubble, banks began blocking transactions related to “virtual currencies “. Now the situation is different. Some banks are entering the cryptocurrency market. It is worth mentioning, for example, the recent moves of Goldman Sachs, JP Morgan or such giants from the payment market as PayPal and Square.

However, there are still many banks on the market that remain skeptical about Bitcoin. Some of them even ban their clients from accessing this asset class.

HSBC Canada unfortunately belongs to the latter group. The institution approaches the subject in a rather surprising way. It does not prevent its customers from buying BTC or the now popular altcoins. Instead, it blocks the ability to buy Microstrategy stocks.

About the above case on Twitter by Cameron Winklevoss from the Gemini Stock Exchange.

Blocking clients from buying assets from the cryptocurrency market is nothing new. But preventing them from investing in the company because of its exposure to Bitcoin is something previously unheard of and very surprising.

Especially since Microstrategy’s shares have been growing along with Bitcoin for some time, as has been the case with other companies that have bought BTC in recent months.

Banks that are probitcoin

Fortunately, banks like Goldman Sachs are on the other side of the barricade. The company intends to enter the cryptocurrency market in a more decisive manner soon.

The bank is getting ready to create the first investment products for Bitcoin and other cryptocurrency assets. These are expected to appear on the market in the second quarter of 2021.

– We are still in the early stages [rozwoju] this ecosystem; no one knows exactly how it will unfold or what shape it will be, but I think you can expect it to be part of our future Said Mary Rich, new head of digital assets for Goldman’s Private Asset Management division.

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