JPMorgan Co-Chair: “We Will Start With Bitcoin When Demand”

Daniel Pinto, co-chairman of the American investment bank JPMorgan Chase, said that sooner or later the bank will have to work with bitcoin due to the growing interest in this asset.

Daniel Pinto said that the bank’s decision to implement services that work with bitcoin will depend on customer demand for cryptocurrency trading. Today, JPMorgan’s clients have little interest in digital assets. However, Pinto is confident that Bitcoin will continue to evolve and gain attention. If Bitcoin eventually becomes an asset to be widely used by investors and asset management firms, JPMorgan will be forced to work with it to satisfy its customers.

Earlier, the head of the development of international markets JPMorgan Troy Rohrbaugh (Troy Rohrbaugh) said that bank employees have become increasingly interested in the bank’s plans for bitcoin. Therefore, Pinto decided to give his opinion on these issues, adding that he is open to Bitcoin and is ready to explore its potential.

JPMorgan’s use of bitcoin would seem ironic given JPMorgan CEO Jamie Dimon has a negative attitude towards cryptocurrencies. In September 2017, Daimon called Bitcoin a fraud, comparing the hype around it to “tulip fever.” Three months later, the BTC rate reached $ 20,000. However, Bitcoin’s success did not last long, as after a few months it entered a long bear market. BTC began to skyrocket last year when large investors started buying it, including Microstrategy, Square and Stone Ridge. Bitcoin bounced over the $ 48,000 mark this week and is currently trading at around $ 47,500. Bitcoin’s market cap is over $ 880 billion.

JPMorgan experts have different opinions about Bitcoin. A team of JPMorgan analysts led by Nikolaos Panigirtzoglou believes that BTC will rise to $ 146,000 in the long term. JPMorgan strategists John Normand and Federico Manicardi doubt Bitcoin is a reliable hedging tool during the economic crisis.

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