The director of asset and wealth at JPMorgan in an interview claimed many of their clients see BTC as an asset class and want to invest in it.
According to a senior wealth management executive at JPMorgan, despite the fact that Bitcoin (BTC) has not yet emerged as an “asset class per se,” the bank believes it is critical to address the demand for cryptocurrency investing.
According to Mary Callahan Erdoes, director of asset and wealth management at JPMorgan, a significant number of the company’s clients consider digital currencies such as Bitcoin to be an asset class.
Erdoes stated in a Bloomberg interview published on Tuesday that the bank will continue to provide crypto services in order to fulfil the growing demand, stressing:
“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.”
Erdoes stated that the discussion over whether cryptocurrencies could be considered an asset class is still ongoing, owing to the tremendous volatility of the market, which many experts are concerned about.
“It’s a very personal thing,” says the author. “Bitcoin is not an asset class in and of itself,” Erdoes explained, adding that it is still unclear whether the cryptocurrency will serve as a store of value in the future. “The volatility you see in it today just has to play itself out,” she said at the end of her speech.
Recognized as one of the world’s top investment banking companies, JPMorgan is known for having a slightly mixed attitude on cryptocurrency, with CEO Jamie Dimon referring to Bitcoin as “fraud” back in 2017. JPMorgan is also known for having a somewhat mixed view of blockchain technology.
Since then, the corporation has apparently modified its attitude on the cryptocurrency industry and is ready to establish an actively managed Bitcoin fund as well as debt products with direct exposure to a basket of crypto-focused companies.
According to crypto expert Nikolaos Panigirtzoglou, Bitcoin will reach $145,000 as a long-term “theoretical target” in the near future. JPMorgan analysts have been actively following the cryptocurrency market.
As of late June, analysts at JPMorgan claimed that institutional investors had little interest in purchasing the decline, with strategists stating that Bitcoin will trade between $23,000 and $35,000 in the longer run.