A significant proportion of JPMorgan Chase’s clients are showing interest in cryptocurrencies as an investment asset.
Mary Callahan Erdoes, Director of Asset and Wealth Management at JPMorgan, said in an interview with Bloomberg that the bank will continue to provide cryptocurrency trading services to meet growing customer demand:
“A lot of our clients say this is a new asset class and they want to invest in it. And our job is to help them place funds in the asset they want. ”
Erdos acknowledged that heated debate continues among financial experts and consultants about whether cryptocurrencies can be recognized as a new asset class. Basically, experts are worried about the excessive volatility of the cryptocurrency market. Also, a top manager of the bank said that cryptocurrencies have yet to prove their worth as a store of value. And then the volatility will “evaporate by itself.”
JPMorgan’s stance on Bitcoin and cryptocurrencies remains mixed. For example, the bank’s CEO Jamie Dimon advises staying away from bitcoin, although he acknowledges customer interest in the first cryptocurrency. At the same time, the bank continues to recruit blockchain specialists and is developing its own digital currency.