JPMorgan’s co-chairman admits demand for Bitcoin will arrive “at some point”

JPMorgan’s co-chairman admits demand for Bitcoin will arrive “at some point”

In a conversation with CNBC about Bitcoin, JPMorgan co-president Daniel Pinto said that the demand for Bitcoin will arrive “at some point.” While the message sounds ostensibly optimistic, Pinto implies that the order for Bitcoin has not yet been reached.

The price of Bitcoin has increased nearly fivefold since October in just four months. In the process, volume on centralized exchanges has exploded, while institutional platforms and vehicles like CME’s Bitcoin futures market and Grayscale’s Bitcoin Trust have recorded record volume.

Still, Pinto noted that the demand for Bitcoin is “not there yet,” suggesting that it would have to grow further to get big investment banks like JPMorgan to get involved.

The point at which asset managers and investment banks would consider treating cryptocurrencies seems to be approaching.

For example, on February 11, Roman Regelman, CEO of asset services and chief digital officer at BNY Mellon, said that the bank would soon offer Bitcoin services.

Before BNY Mellon’s surprising decision to facilitate crypto assets, credit card payments giant Mastercard said it would allow its customers to use specific cryptocurrencies in the future.

While not all banks, institutions, and financial companies may find cryptocurrencies as an established asset class at this point, many financial conglomerates do.

Therefore, from a mainstream adoption standpoint, the continued improvement in appetite for serving and facilitating cryptocurrency-related services is highly positive.