Bitcoin News and Finance
JPMorgan Says a Lot of Clients See Cryptocurrency as Asset Class and Want to Invest Skip to main content

JPMorgan Says a Lot of Clients See Cryptocurrency as Asset Class and Want to Invest

JPMorgan Says a Lot of Clients See Cryptocurrency as Asset Class and Want to Invest

JPMorgan says a lot of its asset and wealth management clients think cryptocurrency is an asset class and they want to invest in it. “Our job is to help them to put their money where they want to invest,” said the CEO of J.P. Morgan Asset & Wealth Management.

A Lot of JPMorgan Clients Consider Cryptocurrency an Asset Class

Mary Callahan Erdoes, J.P. Morgan Asset & Wealth Management’s CEO, talked about her firm’s approach to cryptocurrencies in an interview with Bloomberg Wealth, published Tuesday.

JPMorgan Chase’s asset and wealth management line of business is one of the world’s largest investment managers and private banks, with $3.4 trillion in client assets.

Erdoes, who joined the firm 20 years ago, was asked what she would do if a client came to JPMorgan and said that they wanted to invest in cryptocurrency. Specifically, she was asked: “Do you say you shouldn’t do it? do you facilitate it? or are you still evolving your position?”

The chief executive replied by first commenting about blockchain technology. “Blockchain technology … it’s very real and it’s changing all of the ways that we digitally interact in the different financial markets,” she opined.

The J.P. Morgan Asset & Wealth Management CEO proceeded to talk about cryptocurrencies. “Digital currencies are new, and in general digital currencies are being debated as to whether they are an asset class or not,” she described, elaborating:

A lot of our clients say that’s an asset class and I want to invest. Our job is to help them to put their money where they want to invest.

“It’s a very personal thing,” Erdoes continued. “We don’t have bitcoin as an asset class per se, and time will tell whether it has a store of value. But the volatility that you see in it today, it just has to play itself out over time.”

Her comments echoed what JPMorgan CEO Jamie Dimon said in May when he personally advised people to “stay away” from cryptocurrency. However, he noted, “That does not mean the clients don’t want it … I don’t tell people how to spend their money, regardless of how I might personally feel about something.”

While JP Morgan may not currently see cryptocurrency or bitcoin as an asset class, rival investment bank Goldman Sachs said in May that bitcoin has become “an investable asset.” The firm explained, “Clients and beyond are largely treating it as a new asset class, which is notable — it’s not often that we get to witness the emergence of a new asset class.”

The CEO of Blackrock, the world’s largest asset manager, said in April: “I am fascinated by it [cryptocurrency] as an asset class … I do believe this could become a great asset class.”

What do you think about the comments by the JPMorgan executive? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory