JPMorgan’s co-president and COO Daniel Pinto said that the banking giant would support bitcoin trading if there is client demand for it.
“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,” Pinto told CNBC in an interview published Friday. “The demand isn’t there yet, but I’m sure it will be at some point.”
Last month, JPMorgan reportedly held a conference with thousands of traders and sales workers around the world, and the company was asked when it might get involved with bitcoin, and Pinto reportedly hit a positive note. JPMorgan CEO Jamie Dimon used to be cynical about bitcoin, calling it a “fraud.”
According to Pinto, Bitcoin is gaining more acceptance. He cited BlackRock’s recent decision to include bitcoin futures as an eligible investment in two of its funds as evidence of wider acceptance.
Pinto also said that if bitcoin were regulated, JPMorgan traders would include vetted clients and reputable exchanges, including Coinbase.
Traditional financial firms and companies are warming up to bitcoin at a faster rate. Yesterday, America’s oldest bank, BNY Mellon, said it expects to hold bitcoin and other cryptocurrencies later this year. JPMorgan and Citi are both looking at crypto custody facilities, as The Block has previously reported.
Such positive developments have shot the bitcoin price up in recent weeks. It is currently trading at around $47,700, according to TradingView.
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