United States (US) investment banks are increasingly being pushed to adopt bitcoin in their system. This pressure is getting stronger over time and comes from within the bank itself.
One of JPMorgan Chase’s head of global markets, Troy Rohrbaugh, admitted that many of his employees had asked when the company would be involved in bitcoin. To answer that question, several sources said that Troy asked to meet his boss, JPMorgan’s vice president, Daniel Pinto, on January 18.
According to sources, Daniel hinted at an open mind regarding bitcoin. But when confirmed, he only said his company would provide further information about it in the future.
“If over time the assets that asset managers and investors want to use develop, we will join forces,” said Daniel, quoted by CNBC International, Monday (15/2/2021).
He said that the request did not yet exist. But Daniel is sure there will be this request later.
Goldman Bank Preparing to Enter Bitcoin
Goldman Sachs Bank also seems to be preparing to enter the world of bitcoin. Last week, the company created a private forum that invited the CEO and founder of crypto company, Galaxy Digital, Mike Novogratz.
The meeting lasts 90 minutes and is shown to employees as well as company clients. Novogratz talks about bitcoin, ethereum and digital assets including macroeconomic background.
Both events seem to be the opening gates for banks to take part in the bitcoin phenomenon. Previously, banks had more to focus on bitcoin-related technology including blockchain.
In addition, bitcoin is not seen as an option because of its speculative nature and risk for bank clients. When bitcoin experienced an upward phenomenon in 2017, JP Morgan CEO Jamie Dimon once called bitcoin a fraudulent scheme.
But actually a number of banks have been involved in the bitcoin industry in 2017, including Goldman trying to create a crypto trading desk, but in the end they put the plan aside.