Bitcoin experienced a slight decline after reaching its all-time high. However, with its strong fundamentals and increased institutional interest, the cryptocurrency looks set to break the next major resistance level at $ 50,000.
At least that is the opinion of the crypto community.
In addition, a recent report published by CNBC’s Hugh Son revealed that JPMorgan Chase co-chairman Daniel Pinto was open-minded about Bitcoin. Pinto signaled that if the cryptocurrency becomes a widely used asset class, the bank could become involved in the industry:
“If over time an asset class develops to be used by different asset managers and investors, we will have to be involved.”
While there isn’t enough demand from customers to start trading Bitcoin for now, Pinto believes it will eventually:
“There is no demand yet, but I’m sure it will be at some point.”
Pinto’s comments came after BNY Mellon, the oldest bank in America, announced the start of the Bitcoin service, citing increased customer demand.
However, in early February, JPMorgan, the largest bank in the US, hosted a closed-door forum with Mike Novogratz, who advertises Bitcoin and other cryptocurrencies to the bank’s employees and customers. Last May, JPMorgan announced Coinbase and Gemini as the first cryptocurrency partners.
Still, JPMorgan CEO Jamie Dimon, who criticized Bitcoin as “fraud” in September, said the cryptocurrency was not “a cup of tea” in an interview in November. Although the famous CEO stated that Bitcoin is not a product that attracts him, as it can be seen, JPMorgan as an institution is making significant moves in crypto currencies contrary to Dimon’s ideas.