We’re ‘Looking into’ Cryptocurrencies: JPMorgan Co-President

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We’re ‘Looking into’ Cryptocurrencies: JPMorgan Co-President

We’re ‘Looking into’ Cryptocurrencies: JPMorgan Co-President


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Multinational funding banking JPMorgan is “looking into” cryptocurrencies, firm co-president Daniel Pinto stated.

Pinto made this revelation throughout a wide-ranging interview with CNBC, explaining that though the agency shouldn’t be optimistic about cryptocurrency in its present incarnation, it believes this expertise will “play a role” within the monetary system shifting ahead.

He stated:

“We are looking into that space. I have no doubt that in one way or another, the technology will play a role. [Regarding bitcoin], you cannot have something where the business proposition is to be anonymous and to be the currency for unknown activities. That will have a very short life, because people will stop believing in it, or the regulators will kill it. I think the concept is valid, you have many central banks looking into. The tokenization of the economy, for me, is real. Cryptocurrencies are real but not in the current form.”

Bitcoin shouldn’t be nameless, after all, although this can be a widespread false impression propagated by critics.

Even so, Pinto stated that JPMorgan could start clearing bitcoin futures for its brokerage purchasers, which it has so far refused to do whilst buying and selling volumes for these merchandise have soared.

“If we need to clear futures of bitcoin, can we do it? Yes. Have we done it? No,” he stated.

Wall Street rival Goldman Sachs just lately introduced that it will create bitcoin futures-type product for its purchasers, whereas the proprietor of the New York Stock Exchange (NYSE) is reportedly contemplating itemizing “physical bitcoin” for buying and selling on one in every of its platforms.

Jamie Dimon Bitcoin
JPMorgan CEO Jamie Dimon has been one in every of bitcoin’s most outspoken critics. | Source: Flickr/Fortune Global Forum

Pinto, together with fellow co-president Gordon Smith, is seen as a possible successor to longtime JPMorgan CEO Jamie Dimon, although the 62-year-old govt has not but introduced plans to retire.

Dimon, as CLC has reported, has lengthy been one in every of bitcoin’s most vociferous critics, although he has been noticeably quiet on the matter in current months following a veritable bitcoin-bashing world tour by which he denigrated the flagship cryptocurrency in interviews carried out on a minimum of three completely different continents.

“I could care less what bitcoin trades for, how it trades, why it trades, who trades it. If you’re stupid enough to buy it, you’ll pay the price for it one day,” he stated in a single set of notably memorable remarks. It can “trade at $100,000,” however it’ll ultimately crash to zero. “Governments are going to crush it.”

Featured Image from Shutterstock

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