![JP Morgan's Head of Wealth Management says: Clients increasingly see Bitcoin as an asset class](http://bitcoinworld.co.in/wp-content/uploads/2021/05/JP-Morgan-Chase-holds-a-love-hate-relationship-with-cryptocurrency-1.jpg)
According to CEO Mary Callahan Erdoes, JP Morgan Asset & Wealth Management clients view bitcoin as an asset class. Therefore, they “want to invest.”
The Comments Made
The comments came in a video clip from the media outlet’s “Bloomberg Wealth with David Rubenstein”. This videotape was initially taped on June 7.
Erdoes appeared to delay when questioned by Rubenstein if she would assist transactions for clients who liked Bitcoin. Erdoes claimed that “blockchains and digital currencies” are “changing different financial markets.”
She went on to say that while there is some debate over whether bitcoin is an asset class or not, JP Morgan’s clients are more confident that it is.
She said:
“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.”
JP Morgan do not consider Bitcoin as an asset class
JP Morgan does not consider “Bitcoin as an asset class, per se,” per Erdoes. She underlines that only time will tell if Bitcoin can be a store of value. Moreover, she implies that one of JP Morgan’s concerns was the volatility of the bitcoin price in US dollars.
JP Morgan stated in April that a future actively managed fund would allow affluent clients to invest in Bitcoin. They will most certainly overtake Morgan Stanley as the second-largest bank to provide bitcoin access.
Large Banks Not Allowing Bitcoin Investments
As of July, large banks’ wealth management departments, such as Goldman Sachs, JPMorgan Chase, and Bank of America, do not permit their advisers to make direct bitcoin investments. Customers may gain exposure to bitcoin through JP Morgan’s investments in businesses like MicroStrategy, Square, and Tesla, which keep bitcoin in reserve.
Onyx, the company’s blockchain subsidiary, has been hiring for roles since October 2020, when it announced to symbolize its “commitment to innovation” and create a “more inclusive financial system.”
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