Bitcoin is an asset class, JPMorgan clients say as demand rises
Despite being an avid Bitcoin critic for several years, JPMorgan is finally losing its anti-crypto stance. Back in April, the American multinational investment bank began hunting for skilled Ethereum 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.