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Senator Cynthia Lummis backs crypto for US retirement plans

June 30, 2021 Coin Telegraph

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Senator Cynthia Lummis wants to see crypto-assets become a normal part of the diversified asset allocations in U.S. citizens’ retirement plans.

U.S. Senator and Bitcoin proponent, Cynthia Lummis, would like to see U.S. residents turn to Bitcoin as part of a diversified strategy for their retirement plans.

Speaking during the CNBC Financial Advisor Summit on June 29, Senator Lummis stated she would like to see Bitcoin and other crypto-assets become a normal part of diversified asset allocations used for retirement funds in order to protect the from inflation.

“I’d also like to see individuals be able to use Bitcoin and cryptocurrencies of their preference that are safe, that have met the hurdles of anti-money laundering and Bank Secrecy Act,” she added.

Lummis emphasized the importance of maintaining a “diverse asset allocation” — warning of the inflation risks caused by government spending and money printing:

“The Congress spends trillions and trillions of dollars, and is flooding our economy and the world economy with U.S. dollars, there’s no way that we cannot debase the value of the U.S. dollar.”

While U.S. citizens have been able to include crypto assets in their retirement portfolios since the Internal Revenue Service first issued guidance on the sector in 2014, the practice of hodling digital assets in one’s retirement plan has remained a niche practice.

However, despite the first crypto-friendly retirement plans beginning to emerge in 2020, many analysts are skeptical of the trend.

On June 22, senior vice president at Alliant Retirement Consulting, Aaron Pottichen, told CNBC that “plan sponsors, in general, are still very unlikely to want to adopt any type of cryptocurrency into their investment line-up.”

During the interview, Lummis revealed that she currently owns 5 BTC in total, having bought her first Bitcoin in 2013 for roughly $330. Despite her Bitcoin bullishness, she emphasized that diversification is the key and not to go all-in on BTC:

“I don’t want everybody putting all their money in Bitcoin just like I don’t want everybody putting it in dollars and putting it under a mattress.”

Banking giant BBVA debuts Bitcoin trading and custody for Swiss clients

June 18, 2021 Coin Telegraph

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BBVA Switzerland will soon begin offering Bitcoin trading to private banking clients while not providing any advisory services on crypto investments.

Banco Bilbao Vizcaya Argentaria (BBVA) — Spain’s second-largest bank — is set to offer Bitcoin (BTC) trading and custody services in Switzerland.

According to a release issued on Friday, BBVA Switzerland will begin Bitcoin trading for all private banking clients interested in crypto assets from June 21.

This initial crypto trading service isonly for Bitcoin but the bank says it has plans to extend its offering to other cryptocurrencies. However, BBVA says its crypto trading desk will not include any digital asset investment advisory services.

As part of the announcement, BBVA Switzerland revealed that the Bitcoin trading service will form part of the bank’s asset investment catalog for private banking clients. Thus, customers will be able to view the performance of their BTC positions alongside the rest of their portfolios.

According to the statement, this in-app integration will offer simplicity for customers in terms of streamlined data for statement of accounts and tax filing purposes among others. BBVA Switzerland also stated that customers will be able to convert between Bitcoin and fiat currencies automatically to prevent losses due to price volatility.

For BBVA Switzerland CEO Alfonso Gómez, the move represents a melding of quality banking services and innovations in the crypto asset space. “With this innovative offer, BBVA positions itself as a benchmark institution in the adoption of blockchain technology,” the CEO said.

Regarding its decision to first introduce the product in Switzerland, BBVA highlighted the country’s crypto-friendly policies as a major determining factor.

Indeed, some Swiss banks have previously announced crypto trading services for their clients. Back in February, Bordier & Cie, a 170-year-old Swiss financial institution partnered with digital bank Sygnum to offer cryptocurrency trading for assets like Bitcoin, Ether (ETH), and Bitcoin Cash (BCH) among others.

As previously reported by Cointelegraph, Swiss banking giant UBS announced plans to offer limited exposure to crypto investment for some of its wealthy clients.

Back in September 2020, authorities in the country formalized a comprehensive set of laws for crypto and blockchain. Phase one of the new legal framework came into effect at the start of February with part two expected to follow in the summer.

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Bitcoin not on the agenda for HSBC says bank’s CEO

May 25, 2021 Coin Telegraph

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HSBC will not be joining the growing list of major banks offering Bitcoin and crypto investment products to customers and clients.

The recent tumultuous price action for cryptocurrencies seems to be providing ample opportunity for popular anti-crypto bank HSBC to double down on its negative stance towards virtual currencies.

Speaking to Reuters on Monday, HSBC CEO Noel Quinn said that the bank was not interested in running a crypto trading desk or offering cryptocurrency-related investment packages to its clients.

Quinn identified volatility as a major reason for the bank’s decision despite the emerging trend of other major financial institutions announcing plans to open up crypto investment avenues for their clients.

Earlier in May, investment banking giant Wells Fargo announced plans to debut a crypto investment product for major clients. Also, other major U.S. banks like Morgan Stanley and Goldman Sachs are in various stages of rolling out institutional-grade Bitcoin funds for their customers.

Earlier in May, the New York Digital Investment Group partnered with fintech outfit Fidelity National Information Services to provide a framework for United States lenders to offer crypto trading services to customers.

Detailing HSBC’s reticence on Bitcoin (BTC) and crypto in general, Quinn opined:

“I view Bitcoin as more of an asset class than a payments vehicle, with very difficult questions about how to value it on the balance sheet of clients because it is so volatile.”

The HSBC CEO also took a dig at stablecoins calling into question the reputation of the issuers as well as questioning the extent to which stablecoins in circulation are backed by structured reserves.

Quinn, however, voiced support for central bank digital currencies stating that CBDCs could simplify cross-border payments.

As previously reported by Cointelegraph, HSBC has a noted history of anti-crypto sentiments with the bank blacklisting MicroStrategy stock on its online retail trading platform. At the time, HSBC revealed that the move was due to MicroStrategy’s massive Bitcoin investment drive.

Earlier in the year, the bank also reportedly blocked customers from repatriating profits from crypto exchange platforms to their HSBC accounts.

Bitcoin too volatile, gold a better stabilizer says Societe Generale analysts

May 21, 2021 Coin Telegraph

Bitcoin

Despite being up 400,000% since June 2011, Bitcoin’s place in investment portfolios is still up for debate according to some investment banking analysts.

Bitcoin’s price volatility is once again the subject of criticism from bankers as analysts from Société Générale take aim at the premier cryptocurrency.

In an investor note quoted by CNBC, analysts at the bank argued that Bitcoin’s (BTC) “erratic price movements” devalued its place in investment portfolios.

According to the investor note, the looming threat of government crackdowns across the globe puts significant downside pressure on future Bitcoin price action.

Indeed, the recent BTC price plunge has also coincided with several negative regulatory moves from government agencies across the world. As previously reported by Cointelegraph, the United States Treasury is looking to mandate reporting of crypto transactions above $10,000 to the Internal Revenue Service.

The Société Générale analysts also touched on the Bitcoin and gold comparisons, agreeing that investors see both assets as hedges against monetary debasement. However, beyond partial protection, the analysts identified positive price movements and fear-of-missing-out buying as the only claim to fame to both store of value assets, stating:

“The only potential reward to investors in Bitcoin and gold is from their positive price movement, which is essentially the only thing they have in common, apart from their ability to trigger rush buying.”

Despite the recent price troubles for Bitcoin, BTC is up 38% year-to-date and 312% in the last year. While some bankers may identify volatility as a bug, proponents like Mark Yusko, CEO of Morgan Creek Capital Management, see volatility as a feature of Bitcoin’s long-term value potential.

Speaking to CNBC on Thursday, Yusko argued that volatility was a necessary part of Bitcoin’s 223% per annum positive compounding capability over the last decade.

"#Bitcoin has the same amount of volatility as Amazon stock...when was the right time to sell Amazon? That would be never. Volatility is not your enemy." @MarkYusko on $BTC and crypto volatility: pic.twitter.com/QLWcoR7DzA
— Worldwide Exchange (@CNBCWEX) May 20, 2021

“Bitcoin has the same amount of volatility as Amazon stock […] When was the right time to sell Amazon? That would be never. Volatility is not your enemy.”

Meanwhile, Singapore’s crypto-friendly banking giant DBS has released a report calling Bitcoin “an opportunity that fiat money cannot buy.”

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