- HSBC stops virtual currency transactions.
- MicroStrategy (MSTR-US) HSBC accounts cannot do new crypto purchases and transfer-in.
HSBC announced that it will not facilitate the buying and exchanging of virtual currencies like Bitcoin and Ethereum. As a result, all the bank clients holding virtual currency accounts in HSBC, such as MicroStrategy (MSTR-US), will not be allowed to do transactions such as new purchases and transfer-in. Indeed, a piece of shocking news that caught the attention of all HSBC clients holding virtual currency accounts.
This made Documenting Bitcoin react in a tweet post:
HSBC will not let clients buy Microstrategy stock due to their newly changed policy on “virtual currencies”. pic.twitter.com/eP1RJIsRE1
— Documenting Bitcoin 📄 (@DocumentingBTC) April 8, 2021
On the other hand, MicroStrategy is one of the famous finance software giants in the world known to embrace Bitcoin. Recently, the firm bought an additional 253 Bitcoins at an average price of $59,339 per coin. Consequently, the BTC holdings MicroStrategy amounts to almost 100K. Unquestionably, this is an amount that could attract global clients to invest like HSBC MicroStrategy (MSTR-US) holders.
Moreover, this is not the first time that HSBC is highlighted for refusing to transact cryptocurrency in its network. In the early days of the year, HSBC was reported to ban transactions related to Bitcoin cashing-out procedures in the UK. Truly, this made the UK citizens holding cryptocurrencies suffer the inconvenience.
More so, the world economy today is experiencing a major decline due to the global pandemic. However, the crypto world continues to revolutionize its platform to exceed the global economy’s expectations suffering from the pandemic. In other words, the world could easily overcome this pandemic if the private and public financial sectors could open their arms to the technology that cryptocurrency brings.
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