JPMorgan co-president: Demand for Bitcoin will be high

TR;DR Breakdown:

• The demand for Bitcoin is inevitable, insider reports. 
• JPMorgan may focus on bringing Bitcoin trading to its clients. 

A representative of CNBC, Hugh Son, has revealed in a recent report stating that Daniel Pinto, JPMorgan’s co-president, foresees a massive demand for Bitcoin. This forecast shows that the Bank is looking to invest in the widely used cryptocurrency. 

Pinto added that if the demand for bitcoin by investors and corporations keeps increasing steadily, JPMorgan Chase will have no other option than to get involved in the cryptocurrency rave. 

Presently, users of the bank have not shown enough interest in Bitcoin trading; regardless, co-president Pinto believes that its customers’ growing interest in trading BTC is around the corner. 

Demand for Bitcoin exists amongst JPMorgan’s customers

Hugh Son, in an interview with Squawk Box, disclosed that a meeting was held regarding the interest of JPMorgan’s clients and that a considerable percentage were in favor of Bitcoin trading. 

The meeting which was held last month was a semi-annual town hall discussion, and Pinto was shocked with the demand for Bitcoin from its customers. According to Son, the Bank had to struggle with the amount of clients interested in trading Bitcoin. 

JPMorgan is clearly aware of the inevitable demand for Bitcoin 

JPMorgan is preparing for what is to come as it already held a closed-door meeting with Bitcoin enthusiast Mike Novogratz earlier this month, considering the fact that Novogratz is a stern promoter of Bitcoin and other cryptocurrencies to banks. Also, in May, JPMorgan signed a cryptocurrency partnership agreement with top exchanges, Coinbase and Gemini. 

These recent activities give a clear indication that JPMorgan is interested in cryptocurrency as the demand for Bitcoin from its customers keeps increasing. However, Jamie Dimon, JPMorgan CEO, recently came out to state that he was not concerned about Bitcoin in November last year.