JP Morgan’s COO claims BTC demand at the bank is minimal
JP Morgan is considering getting involved in Bitcoin but maintains that there is not enough support in terms of demand to push the endeavour
The US multinational investment bank is optimistic about getting in on the first-ever crypto if the client demand grows. According to the bank’s co-president and COO Daniel Pinto, the need for the crypto asset at the bank is far from enough at the moment. However, he believes that the appetite for Bitcoin will grow in the coming days and eventually become sufficient.
Speaking on CNBC, Pinto revealed that JP Morgan would likely join the Bitcoin bandwagon at that point. He explained that there is a need for the giant US banking institution to plan for when that time comes. The last 10 months have been crucial for the crypto sector that has flourished and performed better than most traditional assets. It is no surprise that several high profile individuals and renowned institutions have poured their funds into crypto assets.
Bitcoin, in particular, has piqued the interest of many people, as well as large corporations. Yet, even as the likes of Tesla, Square, and MicroStrategy allocate funds into crypto, the majority of the banks have steered clear of the crypto path for the larger part. Financial institutions are a missing key in proving the legitimacy of cryptocurrencies.
By embracing Bitcoin, they will significantly contribute to the global adoption of the asset. Less than a fortnight ago, Goldman Sachs and Galaxy Digital executives had a private session where they deliberated on Bitcoin and other crypto assets. JP Morgan could follow suit and make its entry into the sector if it continues performing well.
The bank’s COO explained, “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.”
While Pinto’s remarks are not a confirmation or anything close to an official announcement, they bear good news for the crypto sector. JP Morgan’s top executives have previously shrugged off Bitcoin. In 2017, for instance, the bank’s CEO called the cryptocurrency a “fraud,” saying, “it’s worse than tulip bulbs. It won’t end well.” Even though he later apologised, JP Morgan and Bitcoin’s relationship has remained a love and hate one.
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Ilija Rankovic, @KhareemSudlow