Author: Gan Jia Ci
Co-president of JPMorgan, Daniel Pinto, spoke to CNBC in an interview regarding the future of cryptocurrency.
Pinto was recently appointed co-president in the multinational investment bank and financial giant in January, leading the corporation along with fellow co-president Gordon Smith. Both are expected to succeed veteran CEO Jamie Dimon, although the latter has not revealed plans to retire yet.
In the interview, Pinto declared that the bank is currently “looking into” Bitcoin, where he believes that cryptocurrency will “play a role” in the distinctive future although he has reservations about cryptocurrency in the current state.
“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.”
He added, “If we need to clear futures of Bitcoin, can we do it? Yes. Have we done it? No.”
While Pinto’s stance towards cryptocurrency is lukewarm, Dimon has expressed distaste on numerous occasions. During an interview with CCN on 24 January, the CEO executive harshly proclaimed,
“I could care less about Bitcoin. I don’t know why I said anything about it. I don’t personally understand the value of something that has no actual value. You all can do whatever you want and I don’t care.”