JPMorgan CEOs say the demand for Bitcoin is growing and most customers are currently viewing it as an asset class, as we read more today in our latest Bitcoin news.
One of JPMorgan’s CEOs, Mary Callahan Erdoes, said customers are viewing Bitcoin as an asset class and are increasingly demanding crypto services. While US investment bank JPMorgan Chase & Co was skeptical about offering BTC investment options to its clients, it admitted that demand for this asset class has increased significantly. Mary Callahan Erdoes, JPMorgan Director of Asset and Wealth Management, noted that the company’s clients view Bitcoin as an asset class. In order to preserve its customer base, Erdoes said the bank will continue to offer crypto services to its customers to meet growing demand:
“Many of our customers say, ‘It’s an asset and I want to invest’ and our mission is to help them put their money where they want to invest.”
In early February, the bank’s co-chair and COO Daniel Pinto said there was no demand for BTC at the time, but now customers have a constant demand for the crypto asset that giant The Bank is trying to respond to. Erdoes noted that the institution still has concerns about classifying cryptocurrencies as an asset class as they are quite volatile:
“It’s a very personal thing. We don’t have Bitcoin as an asset and time will tell whether it has value or not. But the volatility you see today should go away on its own in time. “
In the past, JPMorgan didn’t like cryptocurrencies, especially BTC. In early 2017, the company’s CEO, Jamie Dimon, inflated BTC and labeled it a fraud and threatened to fire its employees for dealing with it. Now, however, he has changed his stance, revealing that he regrets calling it a crypto scam and praising blockchain as a revolutionary technology. The company has been crypto-friendly since then and launched its native cryptocurrency in 2020. Earlier this year, JPMorgan began hiring ETH and blockchain experts to further research the technology. In April 2021, Wall Street Bank planned to set up a BTC fund for private customers with NYAG. Although Dimon tried to be blockchain friendly, he couldn’t stop himself from making negative comments about BTC, but later warned people to stay away from the asset market and crypto in general.
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