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Tags: cryptocurrency | skeptics | ally | hsbc | john flint

Cryptocurrency Skeptics Find an Ally: HSBC's New Boss John Flint

Cryptocurrency Skeptics Find an Ally: HSBC's New Boss John Flint
(Andrey Politov/Dreamstime)

Tuesday, 20 February 2018 08:29 AM EST

Add another high-profile name to the ranks of cryptocurrency skeptics: John Flint, the incoming chief executive of HSBC Holdings Plc.

“The underlying technology, distributed ledger technology, has got lots of applications across our industry,” Flint said in a phone interview Tuesday after HSBC’s earnings announcement. “But we remain very skeptical about cryptocurrencies that exist for reasons largely of anonymity.”

Banking should work on the basis of transparency, and the identities of people using the system should be known, Flint said.

He’s not alone. JPMorgan Chase & Co.’s Jamie Dimon famously labeled Bitcoin a “fraud,” although he later said he regretted his comments, adding that he believed in blockchain, the underlying technology used for verifying and recording transactions. Economist Nouriel Roubini has called Bitcoin the “biggest bubble in human history.”

© Copyright 2024 Bloomberg News. All rights reserved.


InvestingAnalysis
Add another high-profile name to the ranks of cryptocurrency skeptics: John Flint, the incoming chief executive of HSBC Holdings Plc.
cryptocurrency, skeptics, ally, hsbc, john flint
129
2018-29-20
Tuesday, 20 February 2018 08:29 AM
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