August 20, 2022

JPMorgan will get into Bitcoin ‘at some point’, says co-president

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Major U.S. investment bank JPMorgan Chase will eventually have to get involved in Bitcoin (BTC), co-president Daniel Pinto believes.

The executive told CNBC Friday that JPMorgan’s decision to introduce Bitcoin services would depend on the client demand to trade Bitcoin. Although the current demand is not strong enough, Pinto is confident that it could grow further:

“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’s latest remarks follow some bullish signals that have been circulating around JPMorgan for a while. During an internal Zoom call in January, JPMorgan’s global markets head Troy Rohrbaugh reportedly acknowledged that the bank’s own employees were increasingly asking about the bank’s Bitcoin plans. Pinto was already saying that he was open-minded about Bitcoin, people familiar with the matter reported.

JPMorgan’s potential move into Bitcoin appears somewhat ironic, considering that the company’s CEO Jamie Dimon is known for his negative stance toward Bitcoin. In September 2017, Dimon calledTitle: JPMorgan will get into Bitcoin ‘at some point’, says co-president
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Published Date: Fri, 12 Feb 2021 15:53:58 +0000