Although the demand from its own clients is not there yet, Daniel Pinto is confident that JPMorgan will invest in Bitcoin „someday“.
The influential American investment bank JPMorgan Chase will sooner or later have to invest in Bitcoin ( BTC ), as its own co-president now believes
Compared with CNBC said the member of the management board on Friday that entry and entry point of JPMorgan in Bitcoin above all by the demand of the clients of the investment bank depend. Although this demand is not yet sufficiently high, Pinto is confident:
“If over time this develops into an asset class that is used by all investors and asset managers, then we have to step in at some point. I don’t see a corresponding demand yet, but I’m sure that it will come at some point. “
The latest remarks by Pinto come at a time when the investment bank’s interest in Bitcoin is growing. Troy Rohrbaugh, head of international markets at JPMorgan, admitted in an internal Zoom conference that more and more employees are asking about their company’s plans for Bitcoin. Pinto is said to have been open to the market-leading crypto currency for a long time.
The sudden interest is ironic in a certain way, however, as CEO Jamie Dimon is actually known for his negative attitude towards Bitcoin. In 2017, he described the crypto market leader as a “hoax” that could only be compared to the “tulip mania”.
At that time, Bitcoin was still at $ 3,500 , a few months later the cryptocurrency reached its previous record high of $ 20,000
Although this was followed by a longer slack, Bitcoin was able to surpass JPMorgan’s market capitalization in November 2020 when it achieved its own market value of 352 billion US dollars. Shortly before, Dimon had criticized the cryptocurrency again .
JPMorgan analysts have again sent mixed signals over the past few months. So some experts the company had a long-term doubling or even tripling the Bitcoin course in October 2020 predicted , prompting her colleagues John Normand and Federico Manicardi little later countered that Bitcoin is the least reliable means of coverage at all.