JPMorgan senior bank executive: "Many of our clients see Bitcon as an asset and want to invest".
JPMorgan senior bank executive: "Many of our clients see Bitcon as an asset and want to invest". By Editor DailyBitcoin

Many JPMorgan clients view Bitcoin

as an asset class, says senior executive Mary Callahan Erdoes.


JPMorgan Bank sees it as important to meet the demand for cryptocurrency investing, a senior executive at the bank told Bloomberg

in an interview.

A large number of that bank’s clients view digital currencies such as Bitcoin

as an asset class, the company’s head of asset and wealth management, Mary Callahan Erdoes, said in the interview.

Erdoes emphasized that the bank will continue to provide crypto services to meet the growing demand. In this regard she said:

“A lot of our clients say, ‘That’s an asset class and I want to invest,’ and our job is to help them put their money where they want to invest.”

The executive added that the debate on whether cryptocurrencies constitute an asset class is still ongoing, as many experts are concerned about the extreme volatility of the market.

“It’s a very personal thing. We don’t have Bitcoin as an asset class per se, ” Erdoes said, adding that it remains to be seen whether the cryptocurrency is a store of value. “The volatility you see in it today has to manifest itself,”

he concluded.

JPMorgan and Bitcoin:

stormy relations

As reported by DiarioBitcoin, JPMorgan, one of the largest investment banking institutions in the United States, has had a rather mixed position on Bitcoin and the other cryptocurrencies. CEO Jamie Dimon referred to Bitcoin as a “fraud” in 2017 and that same year called Bitcoinadherents“stupid. Since then, according to Cointelegraph, the company has “softened its stance on the industry.” In fact it is preparing to launch an actively managed Bitcoin fund, as well as launching debt instruments with direct exposure to a basket of cryptocurrency-focused companies. What’s more, the <a href=”

bank-entities-are-getting-more-interested-in-bitcoin/”>Dimon acknowledged this year that his clients were increasingly interested in Bitcoin.

But alongside this, he continues to take critical stances. For example, he harshly condemned Bitcoin adoption in El Salvador, and his analysts have predictions of a bear market this year.

Meanwhile, the bank continues to hire more Blockchain expert staff.

Sources: Bloomberg y Cointelegraph


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