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Many JPMorgan clients see Bitcoin as asset class, says senior exec

July 21, 2021. Summarized by summa-bot.

Compression ratio: 44.4%. 1 min read.

JPMorgan has to meet the growing crypto investment demand despite Bitcoin not yet emerging as an “asset class per se,” head of wealth management Mary Callahan Erdoes said.

Despite Bitcoin (BTC) not yet emerging as an “asset class per se,” JPMorgan considers it important to meet the demand for cryptocurrency investment, according to a senior wealth management executive.

A large number of JPMorgan clients see digital currencies like Bitcoin as an asset class, the company’s director of asset and wealth management Mary Callahan Erdoes said.

We don’t have Bitcoin as an asset class per se,” Erdoes stated, adding that it remains to be seen whether the cryptocurrency is a store of value.

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 “theoretical target. ” In late June, JPMorgan said that institutional investors had little appetite for buying the dip, with strategists reiterating that Bitcoin would be trading between $23,000 and $35,000 over the medium term.

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