JPMorgan signals readiness to add Bitcoin support if demand materialises

The American financial group JPMorgan Chase would support trading the first cryptocurrency if there is client demand, said Daniel Pinto, co-president of the conglomerate, in an interview with CNBC.

He noted that if, over time, a new asset class develops that is embraced by asset managers and investors, JPMorgan will be involved in it.

“The demand has not appeared yet, but I am confident that at some point it will,” Pinto said.

According to CNBC, in January JPMorgan held an online meeting with traders from around the world, during which they clarified the degree of their interest in trading Bitcoin. During the event Pinto hinted that the bank is open to such a possibility, CNBC reports.

Earlier, the world’s largest asset manager BlackRock suggested that two of its funds would begin trading Bitcoin futures.

The Bank of New York Mellon, the oldest bank in the United States, announced the addition of custody services for digital assets.

In the process of Bitcoin adoption, global payments companies are not standing still either. Mastercard promised in 2021 to implement direct support for cryptocurrencies, and PayPal may open the possibility of using them in settlements with any of 29 million merchants.

In February it emerged that electric-car maker Tesla, led by Elon Musk, invested $1.5 billion in Bitcoin. However JPMorgan strategist Nikolaos Panigirtzoglou doubted whether major companies would follow his lead.

Analysts at the group opposed bitcoin as an alternative to gold and called it riskier than the precious metal.

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