THELOGICALINDIAN - JPMorgan says a lot of its asset and abundance administration audience anticipate cryptocurrency is an asset chic and they appetite to advance in it Our job is to advice them to put their money area they appetite to advance said the CEO of JP Morgan Asset Abundance Management
A Lot of JPMorgan Clients Consider Cryptocurrency an Asset Class
Mary Callahan Erdoes, J.P. Morgan Asset & Wealth Management’s CEO, talked about her firm’s access to cryptocurrencies in an account with Bloomberg Wealth, appear Tuesday.
JPMorgan Chase’s asset and abundance administration band of business is one of the world’s better advance managers and clandestine banks, with $3.4 abundance in applicant assets.
Erdoes, who abutting the close 20 years ago, was asked what she would do if a applicant came to JPMorgan and said that they capital to advance in cryptocurrency. Specifically, she was asked: “Do you say you shouldn’t do it? do you facilitate it? or are you still evolving your position?”
The arch controlling replied by aboriginal commenting about blockchain technology. “Blockchain technology … it’s actual absolute and it’s alteration all of the means that we digitally collaborate in the altered banking markets,” she opined.
The J.P. Morgan Asset & Wealth Management CEO proceeded to allocution about cryptocurrencies. “Digital currencies are new, and in accepted agenda currencies are actuality debated as to whether they are an asset chic or not,” she described, elaborating:
“It’s a actual claimed thing,” Erdoes continued. “We don’t accept bitcoin as an asset chic per se, and time will acquaint whether it has a abundance of value. But the animation that you see in it today, it aloof has to comedy itself out over time.”
Her comments echoed what JPMorgan CEO Jamie Dimon said in May back he alone brash bodies to “stay away” from cryptocurrency. However, he noted, “That does not beggarly the audience don’t appetite it … I don’t acquaint bodies how to absorb their money, behindhand of how I ability alone feel about something.”
While JP Morgan may not currently see cryptocurrency or bitcoin as an asset class, battling advance coffer Goldman Sachs said in May that bitcoin has become “an investable asset.” The close explained, “Clients and above are abundantly alleviative it as a new asset class, which is notable — it’s not generally that we get to attestant the actualization of a new asset class.”
The CEO of Blackrock, the world’s better asset manager, said in April: “I am absorbed by it [cryptocurrency] as an asset chic … I do accept this could become a abundant asset class.”
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