The tide that is currently top Wall Street firms warming up to cryptocurrencies just got a bit bigger with JPMorgan Chase & Co. (NYSE:JPM) admitting that they are looking into the space. This was during a CNBC interview that featured Daniel Pinto, The head of corporate and investment bank at J.P Morgan and Chase. This statement was made when he was asked about the possibilities of the company investing and trading in cryptocurrencies, and in particular, Bitcoin (BTC).
Mr. Pinto had this to say about cryptocurrencies and Bitcoin (BTC):
“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.”
With respect to Bitcoin Futures, Mr. Pinto had this to add:
“If we need to clear futures of bitcoin, can we do it? Yes. Have we done it? No.”
One of the theories that have been postulated on the numerous chat groups online, is that there might be some market manipulation with the supposed Mt. Gox dump. This means that it will impact the markets and cause a bear market that is ideal for the big Wallstreet firms to make an entry into the crypto-currency markets. However, these are just online rumors that have been fueled by a bear market and coincidentally, news of more and more ‘big’ companies and firms, showing interest in the space.
The Soros Fund Management firm recently admitted that it had got the go-ahead by George Soros to start trading in cryptocurrencies. To add to the above, Futures derivatives of the top 3 coins are now available on numerous trading platforms. Just recently, Crypto Facilities from the UK started offering Ethereum Future contracts.
In conclusion, this indirect admission by Daniel Pinto on the future of cryptocurrency trading by J.P Morgan Chase, would not come as a shock if it were to actually become a fact. Cryptocurrencies and blockchain technology have been constantly proving their real life usage since their inception and in particular now with the ongoing Consensus Summit in New York.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Maryland GovPics via Flickr
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