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JPMorgan will offer bitcoin trading if there is client demand, says COO

JPMorgan will offer bitcoin trading if there is client demand, says COO

JPMorgan co-president and COO Daniel Pinto has said that the banking giant will 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 meeting with thousands of traders and sales staff around the world, and the company was asked when it will get involved with bitcoin, and Pinto reportedly struck an optimistic tone. JPMorgan CEO Jamie Dimon has previously spoken skeptically of bitcoin, calling it a "fraud."

According to Pinto, bitcoin is gaining wider acceptance. He cited  BlackRock's recent move  of adding bitcoin futures as an eligible investment in two of its funds as proof of broader adoption.

Pinto further said that if bitcoin gets regulated, JPMorgan traders would involve vetted clients and reputable exchanges, including Coinbase.

Such positive developments have shot the bitcoin price up in recent weeks. It is currently trading  at around $47,700, according to TradingView.

date of publication icon 12 Feb 2021 icon of time needed to read the article 1 min read
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