JPMorgan Wealth CEO says A Lot of its Clients See Bitcoin as an Asset Class and ‘Want to Invest’

JPMorgan Wealth CEO says A Lot of its Clients See Bitcoin as an Asset Class and ‘Want to Invest’

J.P. Morgan Asset & Wealth Management CEO Mary Callahan Erdoes says most of its clients see digital currencies as an asset class.

In an interview with Bloomberg when asked if their clients want to invest in cryptocurrency, do they suggest against it or help them out with it, Erodes said it is their job to help them invest in the cryptocurrency.

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

However, she noted that at this point it’s a personal thing as “we don’t have Bitcoin as an asset class, per se.”

Only time will tell if Bitcoin has the store of value and as for volatility, “it just has to play itself out over time,” she added.

During her interview, she also praised blockchain technology, the underlying piece of all this, which according to her, is “very real,” and changing the ways we digitally interact with the different financial markets.

When it comes to digital currencies, they “are new and in general digital currencies are being debated as to whether they’re an asset class or not,” Erodes said.

Back in April, JPMorgan shared its plans to allow wealthy clients to invest in Bitcoin through a forthcoming actively managed fund. It already provides its clients’ exposure to cryptos through investment in companies like MicroStrategy, Square, and Tesla, which are holding bitcoin in reserve.

The banking giant is actually on a hiring spree for its blockchain unit. According to the company’s several LinkedIn postings, JPMorgan is seeking to fill positions across audit, engineering, and marketing.

Back in October 2020, the announced that it would bring all of its blockchain-related products and services such as Liink and Coin Systems business, under a new business unit, dubbed Onyx.

One of the roles for a blockchain platform software engineer posted by JPMorgan is looking for someone with a background in proof of stake (PoS), Ethereum, and Bitcoin and would create a “forum for innovation with the blockchain technology community that drives thought leadership around the digital architecture roadmap and strategy.”

This article is Originally posted on CoinCentral.com
Author: AnTy

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