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Pressure is building on Wall Street banks to accept bitcoin as a legitimate asset class — and it’s coming from within, CNBC has learned.

Last month, during a town hall meeting held for thousands of JPMorgan Chase traders and sales personnel around the world, global markets head Troy Rohrbaugh acknowledged a question that is increasingly being asked by the bank’s own employees: When will they get involved in bitcoin?

To answer that question, Rohrbaugh, who had logged into the Jan. 18 Zoom call from his New York office, brought on his boss, JPMorgan co-president Daniel Pinto, according to people with knowledge of the meeting.

In a response that took up a chunk of the hour-long call, Pinto signaled he was open-minded about bitcoin, said the people, who declined to be identified when speaking about an internal event. When asked later by CNBC to clarify his remarks, Pinto, who leads the world’s biggest investment bank by revenue, said the firm’s decision would be informed by whether a critical mass of clients wanted the firm to trade bitcoin.

“If over time an asset class develops that is going to be used by different asset managers and investors, we will have to be involved,” Pinto said in an interview. “The demand isn’t there yet, but I’m sure it will be at some point.”

JPMorgan traders aren’t the only ranks of the cryptocurious at big banks. Last week, Goldman Sachs hosted a private forum with Mike Novogratz, the CEO-founder of crypto firm Galaxy Digital, for employees and clients. Novogratz expounded on his thesis for bitcoin, ethereum and other digital assets as well as their macroeconomic backdrop during the 90-minute virtual event.

Wall Street’s newfound openness to cryptocurrency shows that the industry is being forced to contend with bitcoin as its latest dizzying ascent and increased adoption among institutional investors, corporations and fintech competitors spark fears of being left behind.

Banks, which generally face the highest regulatory scrutiny among financial firms because of the breadth of their operations and crucial role in the economy, have been largely reluctant to play in the crypto space, preferring to focus on related technology including blockchain. If one of the six biggest U.S. banks decides to embrace bitcoin, it would be a major stamp of legitimacy for the nascent asset class.

During bitcoin’s earlier 2017-era boom cycle, banks including Goldman flirted with the idea of setting up dedicated crypto trading desks, but they ultimately shelved most of their plans. Born less than a decade earlier out of the wreckage of the global financial crisis, bitcoin was deemed too speculative and risky for bank clients. As the price of bitcoin skyrocketed in late 2017, JPMorgan CEO Jamie Dimon called bitcoin a fraud that wouldn’t end well.

But by merely continuing to exist through 2018 and 2019, lean years known as crypto winter when bitcoin traded for below $4,000, the technology showed its staying power. Then the coronavirus pandemic struck, and governments led by the U.S. unleashed trillions of dollars in support for markets, businesses and individuals during the crisis.

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