Such is taken who thought they took – With a capitalization of 880 billion dollars, Bitcoin today exceeds that of Alibaba, or even Tesla. According to JPMorgan, the integration of Bitcoin into the services of its own bank could therefore become a necessity… in the face of growing demand from customers from the world of classic finance.
Growing interest in bitcoins
Now, the American investment bank seems to be considering further integrating Bitcoin Evolution into its services. Indeed, co-founder Daniel Pinto’s latest comments on this matter follow several bullish signals that have been circulating around JPMorgan for some time.
In an internal call via Zoom in January, Troy Rohrbaugh, head of global markets at JPMorgan, reportedly admitted that the bank’s own employees were increasingly questioning the bank’s plans for cryptocurrency. Pinto was already saying he was open-minded about Bitcoin.
“If over time an asset class grows and is used by different asset managers and investors, we will need to be involved […] The demand is not there yet, but I’m sure it is. will be at some point. “
An ambivalent attitude
JPMorgan’s potential entry into Bitcoin seems somewhat ironic , given that the company’s CEO Jamie Dimon is known for his negative attitude towards Bitcoin. In September 2017, Dimon called Bitcoin a “ fraud ”: he did not hesitate to compare Bitcoin, the largest cryptocurrency in the world, to the “ tulip mania ”. Man then predicted a massive collapse … Today we can see how this catastrophic prophecy did not really come true .
More recently, on January 22, JP Morgan felt that it was not correct to call Bitcoin a „viable hedge to protect against instability in the financial markets “ . The institution explained that a significant portion of bitcoins in circulation would now be held by institutions , especially on Wall Street. As a result, Bitcoin would be doomed to become a cyclical asset , and whose fluctuations would be correlated with indicators such as the S&P 500, or even inflation. A point of view that will certainly be discussed.
Through its statements and multiple reports, we can guess that JPMorgan seems for the moment undecided about the addition of a service dedicated to cryptocurrencies. Thus, it is likely that the firm wishes to have more perspective on this new market to make the best decision.