JPMorgan, a multinational investment firm, states that a majority of its asset and wealth management clients believe bitcoin is an asset class and wish to invest in it.
According to Mary Callahan Erdoes, JPMorgan’s director of asset and wealth management, a substantial proportion of JPMorgan clients perceive digital currencies like Bitcoin as an asset class. She stated in a Bloomberg interview published on Tuesday that,
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.
JPMorgan, one of the major investment banks in the United States, is renowned for its fairly ambiguous position on cryptocurrency, with CEO Jamie Dimon referring to Bitcoin as fraud in 2017. Since then, the business has changed its position in the industry, allegedly planning to establish an actively managed Bitcoin fund as well as debt products having direct exposure to a basket of crypto-focused companies.
While JP Morgan does not presently consider cryptocurrencies or bitcoin to be an asset class, rival investment firm Goldman Sachs stated in May that bitcoin has become an “investable asset”.
JP Morgan is also on a recruiting spree for its blockchain division, Onyx. The bank is seeking for people to fill jobs in marketing, audit, engineering, among other areas.
The new job listings came just after JPMorgan analysts predicted that Ethereum’s upcoming transition from proof-of-work to proof-of-stake will increase worldwide acceptance of crypto staking returns, potentially resulting in a spike of staking pay-outs of much to $40 billion by 2025. Analysts at the bank believe that Bitcoin has the potential to become an attractive alternative to gold, surpassing a $140,000 price mark in the long run.
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