JPMorgan Co-President Jerry Pinto: ‘Cryptocurrency Will Play Role in Future’

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Speaking to CNBC Wednesday, JPMorgan co-president Jerry Pinto confirmed the bank was “looking into” the Bitcoin space.

Pinto said when asked about the future of Bitcoin and JPMorgan's position on cryptocurrencies:

"We are looking into that space. I have no doubt that in one way or another, the technology will play a role. [Regarding bitcoin], you cannot have something where the business proposition is to be anonymous and to be the currency for unknown activities. That will have a very short life, because people will stop believing in it, or the regulators will kill it. I think the concept is valid, you have many central banks looking into. The tokenization of the economy, for me, is real. Cryptocurrencies are real but not in the current form.

"If we need to clear futures of bitcoin, can we do it? Yes. Have we done it? No."

The financial institution's current CEO, Jamie Dimon had backed off on his earlier notion that bitcoin was a "fraud".

"I regret making" that comment, he said in early January, speaking on Fox Business. "The blockchain is real," Dimon added in the interview.

- Aaron Goldstein, Gambling911.com

Business/Financial News