JPMorgan Co-President Says Demand For BTC Is Not There Yet

JPMorgan Co-president Daniel Pinto says that the demand for BTC at the bank is just not there yet but he believes it will get there someday and the bank will get involved with crypto so let’s read more of what he said in today’s cryptocurrency news.

The giant US multinational investment bank could be among the next few entities to get involved with BTC. JPMorgan’s co-president Daniel Pinto said that while the demand for the number one cryptocurrency is not there yet, it will be at some point and the bank has to be prepared. Last year was quite important for BTC as the COVID-19 pandemic outlined the benefits to the traditional financial world and plenty of other individuals, corporations, and other institutions that praised it openly and admitted to allocating funds in the asset.

BTC entered the new year with a bang and reached massive adoption milestones. These included a $1.5 billion purchase from Tesla and right after that the oldest bank in America, BNY Mellon announced custodian services as well. Kenya’s Central Bank started exploring how to switch to BTC too. According to a CNBC report, these developments put pressure on Wall Street to get involved with the growing BTC trend and next in line is, of course, JPMorgan with $3 trillion in assets under management.  Daniel Pinto commented:

 “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.”

Although the giant bank hasn’t made any public plans to get involved with BTC, the acknowledgment should be regarded as a huge win because the bank’s CEO Jamie Dimon said that BTC is a “fraud” and suggested the assets will blow up soon by saying “it’s worse than tulip bulbs. It won’t end well.” The executive apologized for the comments so the bank published a lot of other reports that outlined bitcoin’s growth and potential amid the COVID-19 pandemic.  JPM went as further as the crypto-related endeavors once it started accepting Coinbase and Gemini as its banking clients but the bank also outlined the regulatory success as a key to the decision.