JPMorgan Chase Co-President: JPMorgan will get involved in Bitcoin "at some point"

Original title: "JPMorgan Chase Co-President: JPMorgan Chase will get involved in Bitcoin "at some point"

Original source: Cointelegraph Chinese

MajorInvestment in the United States Daniel Pinto, co-president of bank JPMorgan Chase, believes that JPMorgan will eventually have to get into Bitcoin (BTC) field.

The executive told CNBC that whether JPMorgan Chase decides to launch bitcoin services will depend on customer demand for bitcoin transactions. Although the current demand is not strong enough, Pinto is confident that the demand will grow further: "Over time, if the development To create an asset class that will be used by different asset managers and investors, we will have to participate, the demand has not been reached yet, but I believe that at some point it will be."

Before Pinto's comments, there had been some bullish signals surrounding JPMorgan for some time. In an internal conference call in January, JPMorgan’s head of global markets, Troy Rohrbaugh, reportedly acknowledged that more and more employees at the bank were asking about its bitcoin plans. Pinto has said he is open to bitcoin, according to people familiar with the matter.

JPMorgan's potential foray into bitcoin seems somewhat ironic, given that JPMorgan CEO Jamie Dimon is known to be anti-bitcoin . In September 2017, Dimon called Bitcoin a "fraud ”, likening it to a “tulip mania,” and predicting a massive Bitcoin crash. At the time, Bitcoin was trading around $3,500. Three months later, Bitcoin hits $20,000< /a>, though not long after, Bitcoin entered a multi-year bear market.

November 2020, Bitcoin surpasses JPMorgan in market capitalization at $352 billion. Shortly before this milestone, Dimon likened Bitcoin to a proprietary blockchain network with regulatory controls, saying: "Bitcoin is a bit different, but I'm not interested."

JP Morgan strategists have given mixed signals on bitcoin in the past. In October 2020, JPMorgan Chase reportedly Hint that the price of Bitcoin will double or triple in the long run. A few months later, JPMorgan strategists John Normand and Federico Manicardi argued that Bitcoin is the least reliable hedge.

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