JPMorgan Executive Says Crypto Demand from Clients Has Dried Up

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.