{"id":304382,"date":"2021-07-21T13:07:43","date_gmt":"2021-07-21T10:07:43","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/many-jpmorgan-clients-see-bitcoin-as-an-asset-class-says-senior-exec\/"},"modified":"2021-07-21T13:07:43","modified_gmt":"2021-07-21T10:07:43","slug":"many-jpmorgan-clients-see-bitcoin-as-an-asset-class-says-senior-exec","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/many-jpmorgan-clients-see-bitcoin-as-an-asset-class-says-senior-exec\/","title":{"rendered":"# Many JPMorgan clients see Bitcoin as an asset class, says senior exec"},"content":{"rendered":"

“# Many JPMorgan clients see Bitcoin as an asset class, says senior exec <\/strong>”
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Despite Bitcoin (BTC) not yet emerging as an \u201casset class per se,\u201d JPMorgan considers it important to meet the demand for cryptocurrency investment, according to a senior wealth management executive.<\/p>\n

A large number of JPMorgan clients see digital currencies like Bitcoin as an asset class, the company\u2019s director of asset and wealth management, Mary Callahan Erdoes, said.<\/p>\n

In a Bloomberg interview released Tuesday, Erdoes stressed<\/a> that the bank will continue providing crypto services to meet the growing demand, stating:<\/p>\n

\u201cA lot of our clients say, \u2018That\u2019s an asset class, and I want to invest,\u2019 and our job is to help them put their money where they want to invest.\u201d<\/p><\/blockquote>\n

Erdoes said that the debate about whether cryptocurrencies constitute an asset class is still ongoing, as many experts are concerned about the market\u2019s extreme volatility.<\/p>\n

\u201cIt\u2019s a very personal thing. We don\u2019t have Bitcoin as an asset class per se,\u201d Erdoes stated, adding that it remains to be seen whether the cryptocurrency is a store of value. \u201cThe volatility you see in it today just has to play itself out,\u201d she concluded.<\/p>\n

One of the largest investment banking institutions in the United States, JPMorgan is known for its somewhat mixed stance on crypto, with CEO Jamie Dimon referring to Bitcoin as \u201cfraud\u201d back in 2017. The company has since softened its stance on the industry, reportedly preparing to launch an actively managed Bitcoin fund as well as launching debt instruments with direct exposure to a basket of crypto-focused companies.<\/p>\n

Related: <\/em><\/strong>BlackRock CEO signals low demand for crypto from long-term investors<\/em><\/strong><\/p>\n

JPMorgan analysts have been closely monitoring the crypto market, with crypto expert Nikolaos Panigirtzoglou forecasting that Bitcoin will hit $145,000 as its long-term \u201ctheoretical target.\u201d In late June, JPMorgan said that institutional investors had little app<\/a>etite for buying the dip, with strategists reiterating that Bitcoin would be trading between $23,000 and $35,000 over the medium term.<\/p>\n