JPMorgan Executive Says Crypto Demand from Clients Has Dried Up

Updated:

Checkmark

Invest at least $250 in D2T to gain lifetime access to our VIP Signals

Checkmark

Get early access to Dash 2 Trade’s Presale. Buy the D2T token now

Checkmark

Existing community of 70,000+ traders

Checkmark

Unlocks access to the leading crypto trading analysis, signals and trading tools

Checkmark

As featured in CryptoNews.com, FXEmpire.com, FXStreet.com and more

Checkmark

World class development team backed by Quant developers and VC investors


Takis Georgakopoulos, the global head of payments for JPMorgan’s Corporate & Investment Bank division, discussed some crypto-related topics in a recent interview with Bloomberg Television. Speaking on client demand for crypto assets at JPM, he noted:

“We saw a lot of demand for our clients, let’s say up until six months ago. We see very little right now.”

While highlighting that demand for crypto as a payment instrument has declined dramatically in recent months, Georgakopoulos noted that his bank will still render services to clients who plan to keep using this feature.

The JPM executive further explained that cryptocurrencies are becoming “larger and larger” in the gaming sector, be it the traditional gaming sector and Metaverse gaming, adding that he sees many opportunities in the said field.

Only a few days ago, JPMorgan CEO Jamie Dimon reiterated his distrust and dislike of Bitcoin and cryptocurrency. Speaking at an interview, the JPM boss noted: “I’m a major skeptic on crypto tokens which you call currency, like bitcoin. They are decentralized Ponzi schemes.” However, Dimon clarified that he was not skeptical about blockchain and decentralized finance (DeFi), calling them the “real” innovations.

Surveys on Crypto Use Paints a Different Picture

A recent study conducted by Deloitte in conjunction with PayPal showed that over 85% of merchants “are giving high or very high priority to enabling cryptocurrency payments.” The study further narrated that “nearly three-quarters of those surveyed reported plans to accept either cryptocurrency or stablecoin payments within the next 24 months.”

Another survey by Bank of America (BofA) showed that there was “growing interest” in the use of crypto as a payment tool. The study noted that “39% and 34% of respondents reported using crypto / digital assets as a payment method to make online or in-person purchases, respectively.” furthermore, 49% and 53% of respondents to the survey expressed interest in using crypto to either conduct online and physical purchases, respectively.

 

You can purchase Lucky Block here. Buy LBLOCK

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.