Daniel Pinto, president of multinational investment bank JPMorgan, revealed that the company is studying cryptocurrencies.
Pinto explained that although the company is not optimistic about the cryptocurrency at this stage, they believe that this technology will play an important role in the future financial system.
“We are studying this area. I’m sure this technology will play an important role. (As for Bitcoin), your business plan cannot involve anonymous, and currency related to unknown activities. Its life will be short-lived because people will no longer believe it or the regulator will ban it. I think this concept works, and the central banks in many countries are conducting related research. In my opinion, the tokenization of the economy is feasible. The cryptocurrency is also true, but it does not exist in its current form.”
Of course, Bitcoin is not anonymous, but many people misunderstand and criticize this cryptocurrency.
Despite this, Pinto said that JP Morgan is likely to provide Bitcoin futures clearing services to its customers.
“If we need to clear futures of bitcoin, can we do it? Yes. Have we done it? No,” he said.
Other Wall Street firms such as Goldman Sachs have recently announced the launch of Bitcoin futures products, and the New York Stock Exchange (NYSE) is also considering launching “real bitcoin” on its trading platform.
JPMorgan CEO Jamie Dimon has always been a staunch bitcoin critic. He has repeatedly denounced bitcoin as a “scam” in public .
“I don’t care at all about the Bitcoin transaction object, the transaction method, the reason for the transaction, and the identity of the trader. If you are really stupid enough to buy Bitcoin, then one day you will pay for it,” he said in one set of particularly memorable remarks.
It can “trade at $100,000,” but it will eventually crash to zero. “Governments are going to crush it.”