For the co-president of JPMorgan, demand is not yet there for Bitcoin. But the bank’s manager is sure she will invest in this market in the future.
In a note to investors, JPMorgan questioned the widespread adoption of Bitcoin by large companies. According to the bank, the volatility of the asset is still a major obstacle to its integration into portfolios.
The banking giant does not yet plan to engage in this market in the short term. According to its co-chairman, it is still too early for JPMorgan to introduce Bitcoin services to its customers.
If the demand for BTC is there, so will JPMorgan
The launch of such offers is conditioned on demand. However, believes Daniel Pinto on CNBC Friday, this request is still insufficient to justify such a decision. But the manager is still optimistic about the future of Bitcoin.
“If, over time, an asset class grows to be used by different asset managers and investors, we will need to be involved […] The demand is not there yet, but I am sure that ‘it will be at some point,’ Pinto considers.
Internally, however, the first signs illustrating this demand are already relevant. Last month, bank employees expressed their interest in Bitcoin payments. Daniel Pinto wouldn’t be opposed to it, Cointelegraph reports.
Introducing trade offers on Bitcoin is another matter, however. Such a prospect would in any case constitute a serious turnaround for JPMorgan. And proof that the crypto-asset has matured.
Bitcoin, from fraud status to credible option
In 2017, during Bitcoin’s previous bull-run, the bank’s CEO was adamant about cryptocurrency. Jamie Dimon’s words of the day have since remained famous in the crypto sphere.
For the boss of the American giant, Bitcoin was simply nothing more than a scam. The crypto then cost $ 3,500. A few months after these statements, BTC hit $ 20,000 … before enduring another winter in terms of valuation.
At the end of 2020, Bitcoin returned to the ATH of 2017, before leaping to new heights. And if Bitcoin is still not the “cup of tea” of the CEO of JPMorgan Chase, he is less hostile.
However, the priority remains elsewhere for Jamie Dimon. “The blockchain itself will be essential to allow individuals to move money around the world at a lower cost,” he said in November 2020.
Now its co-president is opening the door to the creation of new financial services based on Bitcoin. This is proof that JPMorgan is changing and taking into account developments in terms of the adoption of crypto-assets.