JPMorgan Says Many Clients See Cryptocurrency As An Asset Class And Want To Invest – .

JPMorgan Says Many Clients See Cryptocurrency As An Asset Class And Want To Invest – .

JPMorgan claims that many of its asset and wealth management clients think cryptocurrency is an asset class and they want to invest in it. “Our job is to help them put their money where they want to invest,” said the CEO of JP Morgan Asset & Wealth Management.

Many JPMorgan clients view cryptocurrency as an asset class

Mary Callahan Erdoes, CEO of JP Morgan Asset & Wealth Management, spoke about her firm’s approach to cryptocurrency in an interview with Bloomberg Wealth, published Tuesday.

JPMorgan Chase’s asset and wealth management business line is one of the world’s largest investment managers and private banks, with $ 3.4 trillion in client assets.

Erdoes, who joined the company 20 years ago, was asked what she would do if a client came to JPMorgan and said they wanted to invest in cryptocurrency. Specifically, he was asked, “Are you saying you shouldn’t do this?” are you making it easier? or are you still changing your position? “

The CEO responded by commenting first on the blockchain technology. “Blockchain technology… it’s very real and it’s changing all the ways we interact digitally in different financial markets,” she said.

The CEO of JP Morgan Asset & Wealth Management then spoke about cryptocurrencies. “Digital currencies are new and, in general, digital currencies are the subject of a debate as to whether or not they constitute an asset class,” she described, adding:

A lot of our clients say it’s an asset class and I want to invest. Our job is to help them put their money where they want to invest.

“It’s a very personal thing,” Erdoes continued. “We don’t have bitcoin as an asset class per se, and time will tell if it has any store of value. But the volatility you see there today, it just has to play out over time. “

His comments echo what JPMorgan CEO Jamie Dimon said in May when he personally advised people to “stay away” from cryptocurrency. However, he noted, “That doesn’t mean customers don’t want it… I don’t tell people how to spend their money, no matter how I might personally feel about something. “

While JP Morgan may not currently view cryptocurrency or bitcoin as an asset class, rival investment bank Goldman Sachs said in May that bitcoin has become “an investment asset.” The company explained, “Customers and beyond treat it largely as a new asset class, which is remarkable – it’s not often that we see the emergence of a new asset class. ‘assets. “

The CEO of Blackrock, the world’s largest asset manager, said in April: “I am fascinated by [cryptocurrency] as an asset class… I think this could become a great asset class. “

What do you think of the JPMorgan executive’s comments? Let us know in the comments section below.

Image credits: Shutterstock, Pixabay, Wiki Commons

Warning: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, nor a recommendation or endorsement of any product, service or business. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, good or service mentioned in this article.


Please enter your comment!
Please enter your name here