Market

Bitcoin is an asset class, JPMorgan clients say as demand rises By BTC Peers

© Reuters. Bitcoin is an asset class, JPMorgan clients say as demand rises

Despite being an avid critic for several years, JPMorgan (NYSE:) is finally losing its anti-crypto stance. Back in April, the American multinational investment bank began hunting for skilled developers.

In a recent Bloomberg interview, an exec of the company admitted that many of its clients now view Bitcoin as an asset class. According to Mary Callahan Erdoes, JPMorgan’s Director of Asset and Wealth Management:

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.

Judging by her comments, one should expect that the bank will continue to offer cryptocurrency services while expanding its offer to cater to the growing demand. However, this does not mean that the firm has totally embraced Bitcoin.

In May, JPMorgan’s CEO Jamie Dimon warned investors to stay away from Bitcoin. Back in 2017, he dubbed Bitcoin a fraud and threatened to terminate the employment of any staff that deals in crypto. Erdoes noted that the firm still has its reservations on the classification of cryptocurrencies as an asset class. She said:

It’s a very personal thing. 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 you see in it today just has to play itself out over time.

Continue reading on BTC Peers

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Most Related Links :
Business News Governmental News Finance News

Need Your Help Today. Your $1 can change life.

[charitable_donation_form campaign_id=57167]

Source link

Back to top button