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JP Morgan Chase Announced Plans to Support Bitcoin as Customer Demand Soars
Giant in the banking industry — JP Morgan Chase has confirmed that it will soon begin offering crypto services to its customers. This announcement comes as a number of other banks around the world consider supporting cryptocurrencies.
The recent rise in the price of Bitcoin and other cryptocurrencies has made many investors interested in entering the cryptocurrency market and seeing them as an asset, a long-term store of value.
In an interview with financial journalist Hugh Son, JP Morgan Chase co-chairman Daniel Pinto said it was only a matter of time before the bank started offering cryptocurrency services. According to Pinto, there is not enough demand for cryptocurrencies at the moment to immediately launch the service.
If, over time, an asset class is used by different asset managers and investors, we will have to get involved. The need isn’t there yet, but I’m sure it will come sometime.
Considering JP Morgan Chase’s “hateful” relationship to Bitcoin in the past, the bank’s willingness to support cryptocurrency now seems an irony. In September 2017, the bank’s CEO Jamie Dimon called…
