JPMorgan Co-President: The Bank Will Get Involved in Bitcoin If Demand is There
Which Daniel Pinto says isn’t there yet but will be at some point.
JPMorgan Chase is onboard to support Bitcoin if the banking giant sees demand for the cryptocurrency from its clients.
In an interview with CNBC, Co-President Daniel Pinto said the client demand isn’t there yet, which he’s certain will change. He said,
“If over time an asset class develops that is going to be used by different asset managers and investors, we will have to be involved.”
“The demand isn’t there yet, but I’m sure it will be at some point.”
Pinto has signaled that he is open-minded about Bitcoin in a recent company meeting, CNBC said, citing unidentified people familiar with the matter.
Back in late 2017, JPMorgan CEO, Jamie Dimon, called Bitcoin a “fraud,” which is currently trading at $48,000.
This week, Bitcoin hit a new all-time high at $49,000 and is up nearly 12x from its March low.
Yesterday, America’s oldest bank BNY Mellon announced that it would hold, transfer, and issue Bitcoin and other cryptocurrencies, including stablecoins and CBDCs. This week has been full of institutional adoption reports from Twitter, Uber, and GM following Tesla’s announcement of $1.5 billion worth of Bitcoin purchase.
Another banking giant, Goldman Sachs, has also been reportedly eyeing the cryptocurrency market. Last week, Goldman Sachs hosted a private forum with Mike Novogratz, the founder, and CEO of crypto firm Galaxy digital, for clients and employees.
“It's possible Galaxy could help Goldman and other banks facing the same challenges,” said Damien Vanderwilt, co-president of Galaxy, who spent over two decades at Goldman Sachs. Vanderwilt expects “a range of releases over 2021,” with more corporates, pensions, and insurance companies to invest in Bitcoin.