However, according to Gross, the bulk of institutional investors are presently “breathing a sigh of relief that they didn’t leap into that market.” Cointelegraph said that it is unlikely to occur anytime soon.
Large institutional investors are still mostly shunning the cryptocurrency market due to the unpredictable nature of the asset class, according to Jared Gross, head of institutional portfolio management at JPMorgan Asset Management, as reported by Cointelegraph citing Bloomberg.
“For the majority of big institutional investors, cryptocurrencies are almost nonexistent as an asset class. The volatility is too severe, and the absence of a clear-cut intrinsic return makes it very difficult, according to Gross.
However, according to Gross, the bulk of institutional investors are presently “breathing a sigh of relief that they didn’t leap into that market.” Cointelegraph said that it is unlikely to occur anytime soon.
According to Gross, the bear market also put an end to the idea that Bitcoin (BTC) might be used as a type of digital gold or as a hedge against inflation. Gross asserted that it is “self-evident” that this is not the case.
BNY Mellon CEO Robin Vince reportedly said that “customer demand” was the “tipping point” for the introduction of institutional-focused crypto services, according to Cointelegraph.
According to a recent JPMorgan Chase analysis, over 43 million Americans, or 13% of the population, have possessed crypto assets at some time in their life. Prior to 2020, it was just 3%, therefore the figure has dramatically climbed.
