A number of JPMorgan clients want to invest in Bitcoin as they view crypto as an asset class

The financial world is still undecided on whether cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) can be considered. But a number of JPMorgan clients are already convinced that they are and the bank is there to assist them in placing their money where they want to invest.

J.P. Morgan Asset & Wealth Management CEO Mary Callahan Erdoes shared her company’s stance on crypto. In an interview with Bloomberg Wealth, she was asked if the bank will advise clients not to invest in digital currencies or facilitate their transactions.

Erdoes acknowledged that while there is still an ongoing debate on whether cryptos such as Bitcoin could be considered an asset class, the potential of blockchain technology can’t be denied. “Blockchain technology, which is the underlying piece of all these, is very real and is changing all of the ways that we digitally interact with different financial markets,” Erdoes said.

While the matter remains unsettled, the CEO explained that some of their clients already view Bitcoin as an asset class. “Digital currencies are new and in general digital currencies are being debated as to whether they are an asset class or not,” Erdoes added. “A lot of our clients say that’s an asset class and I want to invest.”

JPMorgan will continue providing crypto services to meet the growing demand from its clientele. “Our job is to help them to put their money where they want to invest,” the executive added. “So it’s a very personal thing. We don’t have Bitcoin as an asset class per see.”

While a number of companies have already invested in BTC as an inflationary hedge, the CEO declined to make a statement on whether the bank views it as a store of value asset. “And time will tell whether it has the store of value,” Erdoes said. “But the volatility that you see in it today, it just has to play itself out over time.”

J.P. Morgan Asset & Wealth Management is one of the world’s largest investment managers and private banks. The company manages around $3.4 trillion in client assets, according to Bitcoin.com.

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