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Daniel Pinto of JPMorgan Chase Addresses Bitcoin in Interview

Rick D. | May 16, 2018 | 7:00 pm
Pinto
Bitcoin

Daniel Pinto of JPMorgan Chase Addresses Bitcoin in Interview

Rick D. | May 16, 2018 | 7:00 pm

The head of the corporate and investment bank at JPMorgan Chase, Daniel Pinto, has addressed Bitcoin and other financial topics in an interview published today. The 55-year-old Argentinian stated he believes cryptocurrency will be important in the future, but not in its current form.

Pinto Thinks Cryptocurrency Tech Is Important but Not in Its Current Form

During an exclusive interview conducted by CNBC at his Park Avenue headquarters that was published earlier today, Daniel Pinto of JPMorgan Chase addressed the subject of cryptocurrencies amongst others. Whilst the high-ranking executive offered more thoughts than the outright dismissal of his CEO Jamie Dimon, they were not necessarily bullish for existing cryptos.

Pinto first confirmed that JPMorgan Chase were indeed ‘looking into’ the cryptocurrency space. He went on to state that the technology will be important in the future. However, when he addressed Bitcoin, he was less optimistic:

“… you cannot have something where the business proposition is to be anonymous and to be the currency for unknown activities.”

Pinto continued and stated that he felt that Bitcoin will have a ‘very short life.’ For him, either people would cease to believe in the ideals of censorship resistance and decentralisation that the number one cryptocurrency represents or that it would be killed off by regulators. He then surmised his position:

“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.”

Finally, before moving onto other topics, Pinto addressed the interviewer’s mention of JPMorgan’s competitors starting to open up to Bitcoin and cryptocurrencies. Rather than referring to the Goldman Sachs trading desk that appears to be launching imminently, he seemed to address the CME Group and Cboe futures contracts, however:

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

The rest of the interview was taken up with Pinto addressing various other financial concerns. These included: the wider economy which he claimed was in ‘very good shape,’ investment opportunities in China, when the end of the current economic expansion would be, and JPMorgan Chase’s relationship with tech giants Amazon.

Daniel Pinto was awarded the title of co-president of JPMorgan back in January of this year. He and his partner Gordon Smith are in line to take over the position of prominent Bitcoin naysayer Jamie Dimon should there be call to do so during the next few years.

Featured image from Shutterstock.
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  • mike

    little does he know about privacy – we the people dont need banks and fiat money to makes deals without them ….

  • David Brammer

    He is right. Btc is just the first Gen attempt at something that will change the world like the internet did. Once there are some kind of laws to weed out the crap coins, there will be some that will shine. Most likely coins that learned from first Gen mistakes and that people can trust. The same goes for the exchange sites. Above board sites will hold true and the sites like coinexchange that only function to pump and dump will fall off. Ico need to have oversight as well because most of them are garbage. Alot of tech people are getting rich doing all this because they don’t have laws to confine anything. I’d guess 80 % of coins are trash so a group can cash in. Its going to be hard letting government help make rules and guidelines and keep them from turning cryptocurrency into a bank of the earth so this will take years. New laws to help, people starting class action lawsuits against shady international exchanges from people that got screwed by their exchanges. Its going to be a total mess but in the end cryptos will change the world in the same fashion that the internet did. Something was built that we don’t fully understand yet. But down the line humankind will have made the first advance in currency in over 200 years. And that’s why things will get ruthless

    • David Brammer

      To sum that up, first gems always suck. And this is the first change in currency that anyone living has seen…because of the web the people finally have a say in how it goes. As soon as all the nations figure out how to tax it, laws will be passed all day long .only 8% of Americans have invested…once it hits 20% those 10 dollar coins will be worth thousands as long as you invest in coins built by legit teams. It will be interesting to see how fast wall street breaks the doors down, floods the market and watch early investors get rich when themarket cap hit a trillion

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