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
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.
BREAKING: JPMorgan CEO Jamie Dimon says bitcoin "is a fraud" that will eventually blow up https://t.co/ZnbSx16LT9
— CNBC (@CNBC) September 12, 2017
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.