JPMorgan to Offer Bitcoin Trading if Demand Becomes Sufficient
US bank JPMorgan can offer its clients Bitcoin trading when demand is sufficient. The co-chairman of the banking giant believes that the bank will have no choice but to take a more active part if the implementation continues.
JPMorgan considers BTC Trading
In an interview with CNBC, JPMorgan investment bank co-chairman Daniel Pinto confirmed that the banking giant will offer Bitcoin trading to its clients if demand increases further.
CNBC reports that banking experts have been watching Bitcoin’s charts and have recently been really impressed by the volatility and growth of its price.
The CNBC correspondent explained that when JPMorgan finally enters the world of cryptocurrencies, it will certainly do so through the well-known Coinbase platform.
A true Wall Street giant, JPMorgan has been familiar with the BTC for some time, but has not yet invested in the king of cryptocurrencies.
The fact that it is considering taking the plunge, and that it is thinking of offering its clients cryptocurrency trading, will be a huge step forward for the industry, opening up new opportunities to attract more and more investors.
No wonder JPMorgan is finally making such comments. In recent months, the bank has been particularly friendly to cryptocurrency, including claiming that the price of gold is under threat from Bitcoin.
The bank’s analysts have long been aware of Bitcoin’s potential and even predict that institutions are likely to invest a total of $ 600 billion in the cryptocurrency.
MicroStrategy continues to invest in BTC
MicroStrategy, on the other hand, continues to accumulate more and more Bitcoins with a new investment of $ 10 million. MicroStrategy’s appetite for Bitcoin doesn’t seem to be waning, despite the continued rise in cryptocurrency prices.
Recall that according to a statement from MicroStrategy, the Nasdaq-listed company bought an additional 295 BTC for $ 10.0 million. The average cost of Bitcoin during this purchase was about $ 33,808.
The company purchased a total of 71,079 Bitcoins worth $ 1.15 billion, which corresponds to an average price of $ 16,109 per BTC.
Michael Saylor, CEO of MicroStrategy, broke the news two hours before it became official, in a humorous tweet describing his recipe for success:
“My formula for success is to get up early, work late, and buy Bitcoins”.
A Real Bitcoin Empire is being Created
MicroStrategy now owns 0.338% of all Bitcoin in circulation. A colossal number of coins, which corresponds to almost $ 2.5 billion, and continues to accumulate, despite the increase in its value in recent months.
Last August, the company began its first Bitcoin purchases. Michael Saylor then said that BTC was, in his opinion, “the best long-term investment for shareholders.”
Always a maximalist about Bitcoin, Michael Saylor recently confirmed that the spread of regulations around the world has a positive impact on the price of the king of cryptocurrencies.
A clear position of the CEO of the company, which allows the latter to enter the stock market, since it already has a sufficient amount of BTC. MicroStrategy seems to have even avoided the crisis: its share price has quadrupled since last summer, when it acquired its first crypto asset.