A new era is being born in the international financial market. This thanks to the change in attitude that has been occurring in large companies and traditional financial institutions, which have begun to see valuable financial assets in Bitcoin and cryptocurrencies. However, this wave of crypto optimism has yet to reach everywhere, as JP Morgan employees pressure the bank in favor of Bitcoin. Including a zoom call with Co-Chair Daniel Pinto.
Banks and Bitcoin
The relationship between banks and Bitcoin has been a complicated one at best. And it is that, since cryptocurrencies began to become popular among the general public. Large banks have repeatedly spoken out against incorporating this technology into traditional financial systems. Considering assets like Bitcoin as simple speculative instruments.
One of the banks that have been the most vocal in their dislike of Bitcoin has been JP Morgan. Well, although the large US bank has sought ways to incorporate Blockchain technology into its operations. He has not stopped to demonstrate his distrust towards the development of BTC. With CEO Jamie Dimon’s comment in 2017 calling Bitcoin a “fraud” still fresh in the minds of crypto users.
However, this attitude contrary to the development of cryptocurrencies, and their use by the general public, has had to start to change. As crypto assets increasingly position themselves as investment assets sought after by people and investors around the globe. Getting to the point where even JP Morgan’s own employees demand its incorporation into the bank’s business model.
JP Morgan’s Zoom Meeting
This pressure from bank employees has been increasing in recent weeks. As traditional companies such as MicroStrategy and Tesla, and large investment firms, begin to bet millions of dollars in Bitcoin. Providing greater support for the cryptoasset. and pressuring companies that have not yet entered the crypto market to do so.
Thanks to this, in a zoom meeting organized in January between hundreds of JP Morgan traders and its co-President Daniel Pinto, he commented that the bank was open to the use of cryptocurrencies. Which, however, will depend on the demand that exists for financial products related to cryptocurrencies by its clients.
This coincides with a comment previously made by Pinto to CNBC, in which he said that “the demand is not there yet, and I’m not sure it will be at some point.” With which it seems to indicate that, although JP Morgan could use cryptocurrencies in the future, as claimed by its employees, this is not in its plans in the short term.