JPMorgan Chase Chief Admits Finance Giant “will have to be involved” in cryptocurrency

By Sunil Sharma
Published February 16, 2021 Updated February 16, 2021
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JPMorgan Chase Chief Admits Finance Giant “will have to be involved” in cryptocurrency

By Sunil Sharma
Published February 16, 2021 Updated February 16, 2021

Daniel Pinto, co-president at JPMorgan and Chase Co in an interview to CNBC admitted that JPMorgan will have to be involved with Bitcoin as demand for cryptocurrency keeps rising among asset managers and investors. Bitcoin is becoming increasingly popular as an asset among major firms. Tesla and MicroStrategy are leading the way with Billion dollar investment in Bitcoin.

JP Morgan- From Calling Bitcoin a Fraud to Admitting Its Value

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The statements by Mr. Pinto indicate a shift in how banks are gradually developing from Bitcoin pessimists to organizations looking forward to offer Bitcoin services to their clients. Famously, in Sep. 2017, Jamie Dimon CEO of JP Morgan called out Bitcoin a fraud that will soon blow up. But, 2021, so far has led to huge institutional investments in Bitcoin led by MicroStrategy and Tesla boosting Bitcoin prices to an all time high of $50,000. 

Speaking with CNBC, Mr. Pinto 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,”

He further added demand isn’t there yet but it will catch up soon. Not just JP Morgan but global banks like Goldman Sachs also recently hosted private online events for their employees and clients with prominent crypto personalities like Mike Novogratz.

As reported by CNBC, anonymous sources revealed Mr. Pinto signaled he was open minded about Bitcoin and cryptocurrency in an internal meeting.  Later, in interview with CNBC reporters, he clarified any such decision will be informed whether critical mass of clients wants the firm to trade in Bitcoin.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Sunil Sharma
203 Articles
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

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