This is how J.P. Morgan tries to handle their wealthy customers´ interest towards BITCOIN
Jamie Dimon, J.P. Morgan CEO (IMAGE: Salon)
J.P.-Morgan CEO Jamie Dimon renownedly disapproves BITCOIN. Assigned Analyst Clayton Erwin of the US high street bank on how he explains this towards wealthy investors.
BTC prices literally went through the roof since last week reaching new all-time highs leaving the 6.000 USD mark behind. Thus, the Cryptocurrency grabs major attention having increased its value by 500% this year. A phenomenal increase.
However, this attention-grabbing increase leaves Jamie Dimon fairly unimpressed. And he even goes further beyond: The J.P Morgan CEO announced to fire any banker in case of getting involved into Bitcoin trading. His announcement complicates the situation for J.P. Morgan Stocks Leader of the Wealth Management Clayton Erwin, who recently visited J.P. Morgan Private-Banking subsidiary in Switzerland in order to advise wealthy individuals in regards of portfolio management and composition.
"Bitcoin & Co are just the sideshow (...)":
"In Terms of Cryptocurrency, I strongly believe that the actual asset is the Blockchain Technology
itself. Bitcoin & CO are just part of a sideshow.", Erwin announces.
He states that Bitcoin is the first major use case of an existing technology, that was not suitable for any application beforehand.
"(...) but soon, I will make sure to change this.":
He further announces that Blockchain Technology has great potential to essentially change the nature of services, such Asset Trading and Storage. However, his plan comes across an obstacle: Currently, Blockchain-related investments are exclusively conducted via Venture Organizations. Thus, sticks to a similar position that UBS (Union Bank of Switzerland) advocates: While Bitcoin is not to be recommended, the great potential of Blockchain Technology should be commended.
BASIC, PLAIN and SIMPLE
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