This article was written by Jamie Crawley and appeared on coindesk.com on February 12, 2021.
The funny thing about this article is it talks of a zoom call with JP Morgan co-President Daniel Pinto and traders back in January 2021. The traders wanted to know when JP Morgan was going to accept Bitcoin as a legitimate asset class?
A few years earlier, JP Morgan Chase CEO Jamie Dimon threatened to fire anyone who recommended Bitcoin or cryptocurrencies to any of JP Morgan’s clients only to launch a cryptocurrency exchange JP Morgan is using to transfer trillions of dollars overseas for its business customers, but it’s not available to the working man and woman.
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Wall Street Embrace of Crypto Grows Closer as Employees Argue on Its Behalf: CNBC
On a Zoom call with traders in January, JP Morgan co-President Daniel Pinto suggested he was open-minded about bitcoin.
Wall Street giants are facing increased pressure from their employees about accepting bitcoin as a legitimate asset class, CNBC reported Friday.
- Joining a Zoom call with thousands of JPMorgan Chase traders in January, co-President Daniel Pinto suggested he was open-minded about the cryptocurrency, CNBC said, citing people with knowledge of the call.
- Pinto was responding to global markets head Troy Rohrbaugh acknowledging that the bank’s own employees are increasingly asking when it will get involved in cryptocurrency.
- When subsequently clarifying his comments, Pinto iterated that the decision would be based on demand from clients.
- “The demand isn’t there yet, but I’m sure it will be at some point,” he said to CNBC.
- This news emerges hot on the heels of Goldman Sachs hosting a private forum with Mike Novogratz on Feb. 2, in which the founder of institutional crypto investment firm Galaxy Digital discussed bitcoin (BTC, +1.03%), ethereum (ETH, +3.69%)and more, CNBC said.
- JPMorgan is often seen by crypto enthusiasts as the epitome of mainstream finance skepticism of cryptocurrency, CNBC said, thanks largely to comments made by CEO Jamie Dimon in 2017 when he labeled bitcoin a “fraud,” saying he would fire any traders known to be trading it.
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