Bitcoin Now a Recognized Asset Class: JP Morgan Chase & Co
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While it remains dubious about giving its clients Bitcoin (BTC) exposure, JP Morgan Chase & Co. has ascertained that the demand for the benchmark cryptocurrency has grown exponentially.
Mary Callahan Erdoes, Director of Asset and Wealth Management at JPM, told Bloomberg that most of the behemoth bank’s customers recognize Bitcoin as a sustainable asset class. She noted that to keep its client base, the bank must keep providing cryptocurrency services to meet the growing demand. The Director stated that:
“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.”
Before now, JPM was a heavy critic of Bitcoin and cryptocurrency. In February, the co-president and COO, Daniel Pinto, argued that there was no demand for BTC. However, the bank’s clients have remained unrelenting in their demand for BTC exposure, forcing the multinational institution to give in.
Meanwhile, Erdoes highlighted that the bank still maintains a skeptical outlook about categorizing cryptocurrency as an asset class due to its volatile nature. She asserted that:
“It’s a very personal thing. We don’t have Bitcoin as an asset class per se, and time will tell whether it has a store of value. But the volatility you see in it today just has to play itself out over time.”
Key Bitcoin Levels to Watch — July 22
Bitcoin appears to have snapped out of its recent bearish momentum towards the $29k level, following some positive comments from Elon Musk. The benchmark cryptocurrency peaked at $33k yesterday before posting a minor correction to the $31.5k level, where our hourly 200 SMA resides.
While the path of least resistance currently tilts to the upside, bulls need to push BTC over the $33k level soon to secure this goodish momentum. Failure to climb that mark could send the benchmark cryptocurrency back below the $31k pivot zone.
Meanwhile, our resistance levels are at $32,800, $33,000, and $33,750, and our key support levels are at $31,500, $31,000, and $30,500.
Total Market Capitalization: $1.30 trillion
Bitcoin Market Capitalization: $598.7 billion
Bitcoin Dominance: 46 %
Market Rank: #1
