Daniel Pinto, who is the co-president of JPMorgan Chase Co talked to CNBC and confessed that JPMorgan will need to get involved with Bitcoin since the demand for crypto is on a rise among both investors and managers. Tesla and MicroStrategy have already made waves with their investments in BTC.
JPMorgan Used to Call Bitcoin a Fraud
Pinto’s statement represents quite a change in how the bank perceives crypto, and it reflects how banks are going from Bitcoin pessimists to embracing it. In 2017, the CEO of JPMorgan, Jamie Dimon, called Bitcoin a fraud that would soon blow up. Of course, that didn’t happen, and the support of MicroStrategy and Tesla pushed the price of BTC to $50,000.
Pinto declared:
“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.”
He also mentioned that while the demand isn’t there yet, it will soon catch up.