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Cryptocurrency : JPMorgan Representative Claims Most of Their Clients View Bitcoin as an Asset Class

Much has been argued about the best way Bitcoin can be categorized. As an asset, as a store of value, as an object of speculation, among others. But in the end it could be said that Bitcoin can be whatever the user wants it to be, although things seem to be changing for large institutions. An example of this can be found in the recent statements of JP Morgan’s director of wealth management, Mary Callahan Erdoes, who explained that clients increasingly see Bitcoin as an asset class in which to invest.

Do JPMorgan clients see Bitcoin as an asset to invest in?

Speaking to Bloomberg, Erdoes noted that JPMorgan’s goal is to guide clients to put their money where they need it. If they decided to invest it in cryptocurrencies like Bitcoin, it would be totally a personal decision. “Many of our clients say ‘it’s an asset class and I want to invest in it,’ and our job is to help them put their money where they want to invest,” Erdoes said.

He added that JPMorgan does not have Bitcoin as an asset class, but its adjective of a store of value asset will be tested over time. Erdoes hinted that the current volatility of Bitcoin is among JPMorgan’s reserves. “Time will tell if it acts as a store of value, but the volatility seen in it today has to manifest itself,” she added.

However, the recent performance of Bitcoin makes us consider that this absolute store of value is not yet assured. For more than three weeks, Bitcoin has remained in a range quite far from its historical maximum, even going so far as to define a downtrend. But this does not mean that this year Bitcoin has not turned some heads towards the possibility of investing in the cryptoactive.

For example, in April during the cryptocurrency boom, JP Morgan announced that it planned to allow wealthy clients to invest in Bitcoin. The bank followed in the footsteps of another major lender, Morgan Stanley.

BTC price breaks the main support level

At press time, Bitcoin was worth US $ 30,639. This after a 3.43% recovery in the last 24 hours, and after having fallen below the 30K support. All of this was triggered by the new regulations established by China for cryptocurrency miners in the country. Part of China’s crackdown on Bitcoin has caused the country to outlaw most mining activities with operators moving abroad.

After these events, various analysts and investors had 30K as a level of support and psychological background, which if broken could lead to massive sales of BTC. With that expected drop, other cryptocurrencies could follow.

However, all these events have not prevented Bitcoin advocates from holding their ground. These consider that, despite everything, the cryptocurrency could act as a hedge against inflation due to its limited supply with institutional investors who inject more money into this market. To go deeper into this, we recommend tracking the activity of Bitcoin whales at a minimum.

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