During a meeting last month held for JPMorgan Chase company staff, Troy Rohrbaug, head of global markets, wanted to answer a question that many employees have been asking lately. “When will the company get involved in buying and selling bitcoin?” “When will they also use the new investment tools?”
JPMorgan: a brief introduction
Surely you’re wondering what JPMorgan is, or even who it is: an ordinary company? A bank? Well, it’s enough to know that JPMorgan has been considered by Forbes as the largest company in the world, with a history that began way back in 1779. Founded by John Pierpont Morgan as a bank, it has over time become a financial services provider operating in more than 60 countries.
The company caters to both SMEs and financial institutions, but also to those who want to make investments on their own. With a budget of over $300,000,000 for what concerns annual research, the company positions itself as a market leader, allowing anyone to build their own investment portfolio.
Now, however, the time has come for the company to keep up with new digital tools, and figure out if and how to introduce bitcoin into its services.
Rohrbaugh and Pinto’s response
When asked “when are we going to come into bitcoin as well?”, global markets chief Rohrabugh answered in a Zoom in the Day on Jan. 18, leaving the floor to Daniel Pinto, co-chair, of JP Morgan.
During the call, Pinto said, according to Zoom attendees, that he was open about the subject of bitcoin and cryptocurrencies, and in the event that a large amount of customers requested the company to trade the currency, his decision would be affected. Indeed, if over time, asset classes requiring the buying and selling of cryptocurrencies were to form, the company would have to move accordingly.
At the moment, Pinto says, demand is not such that cryptocurrency adoption needs to be mobilized immediately, but there is a good chance that a new step will need to be taken in the very near future.
The growth of curiosity about cryptocurrencies
At the moment, it is not only entities such as banks that are interested in the adoption of bitcoin and digital currencies in general. There are also other types of companies that have recently decided to invest in these assets or adopt them as a payment method for their customers, as is the case with Visa and Tesla.
These decisions have seen the currency grow exponentially in recent weeks, always touching new ATH that, until last year, many would not even have imagined. If, in the case at hand, JPMorgan were to adopt bitcoin as a payment method or as an asset to invest in, there could be a further uptick that would spur the interest of many investors, bringing us ever closer to mass adoption.
In addition, this would also encourage those who have not yet taken an interest in cryptocurrencies to take their first steps into the world of blockchain. An eventual adoption of bitcoin by Wall Street, in fact, would not only instill more confidence in the average user, but would perhaps create a slightly more stable market, even though volatility would certainly be high at first, just as it is at this time.
However, if there were to be a crash like in 2017/2018, when Goldman Sachs had decided to open a section for cryptocurrency trading, all positive expectations could vanish into thin air.
By now, we are witnessing the growth of interest from leading global banks and companies in the cryptocurrency sector.
Not surprisingly, the currency has seen a huge surge that, within a few weeks, took it positive by over 14%, with ATH exceeding $49,000.
Will bitcoin be able to break through the $50,000 wall or, even, that of the long-awaited $100,000? Well, no one can say.
The only certainty is that by keeping up with new projects and market news, there could be a lot of satisfaction.
*This article was translated manually and with a translator software from my original post on theledger.it, so I’ll attach the link to my article here.
How do I make my balance grow passively and with some little clicks? 🙂 Check this list
Best exchange ever: download Binance here and we’ll both earn 10% from every commission we make 🙂 It’s a win-win! Otherwise, you can use my code HEK33DXK at the registration.
Best faucet ever: Cointiply
Cloudmining: Hashshiny cloudmining
AI Marketing, the future of advertising: earn a completely passive income by subscribing to AI Marketing. Downloading it from my ref link will give you a free 50$ gift to start your campaign :). Learn more about it here!