JP Morgan Wealth Management CEO Mary Callahan Erdoes in a recent interview with Bloomberg revealed their clients are quite bullish on Bitcoin and they see it as an asset class. Erdoes said several of their clients want to “invest in Bitcoin (BTC)” and they are ready to help them invest their money wherever they like.
JP Morgan's Wealth Management CEO Mary Callahan Erdoes on #Bitcoin: “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,” pic.twitter.com/NGP4FY3Vbg
— Bloqport (@Bloqport) July 22, 2021
“Digital currencies are new and in general, there is a lot of discussion around whether it is an asset class or not…. and a lot of our clients say that’s an asset class and I want to invest. Our job is to help them to put their money where they want to invest.”
Erdoes comments highlighted institutional interest around Bitcoin is nowhere near the bottom as more wealthy investors want to include Bitcoin in their portfolio. The top cryptocurrency might have lost half of its valuation from its all-time high of $64,869, but that hasn’t deterred investors from investing in BTC.
The fact that these comments came from the investment banking giant who until last year had no plans of indulging in BTC also tells a lot about the rise in demand for Bitcoin. In fact, JP Morgan Co-President Daniel Pinto had said that they won’t offer any crypto pegged investment product any time soon as there isn’t enough client’s demand, back in February, only to launch Bitcoin investment products just a month after making the comments.
“If over time an asset class develops that is going to be used by different asset managers and investors, we will have to be involved. The demand isn’t there yet, but I’m sure it will be at some point.”
Bitcoin Price Rebounds in the wake of B-Word Conference
The highly anticipated B-Word conference concluded yesterday with Elon Musk, Jack Dorsey, and Cathie Wood discussing various aspects of Bitcoin in the live conference. Musk confirmed SpaceX owns Bitcoin along with Tesla and himself and they have no plans of selling. Overall Musk indicated that he is still a Bitcoin supporter and wants to see it succeed.
The crypto market turned green in anticipation of the debate and the majority of digital assets traded in the green. Bitcoin and altcoins rose 10% on average with Matic taking the lead with a 35% climb while Dogecoin rose over 20% as well. However, the price pump saw trend reversal as well and most of the crypto assets lost half of their gains from the day towards the end of the live session.
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