JPMorgan: Demand for Crypto as Payment Method Has Drastically Declined #Bitcoin https://ift.tt/9mDnUzG

JPMorgan: Demand for Crypto as Payment Method Has Drastically Declined

Global investment bank JPMorgan is seeing little demand for crypto as a payment method. However, the bank noted that cryptocurrencies are becoming “larger and larger” in the gaming sector, including in the metaverse.

JPMorgan Sees Little Demand for Crypto as a Payment Tool

The global head of payments for JPMorgan’s Corporate & Investment Bank division, Takis Georgakopoulos, talked about client demand for crypto as a payment method in an interview with Bloomberg Television this week. He said:

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

While noting that the demand for crypto as a payment tool has drastically declined, Georgakopoulos stressed that the bank will still support clients who want to use crypto for this purpose.

He added that cryptocurrencies are also becoming “larger and larger” in the gaming sector — both in traditional gaming and in the metaverse, where he sees many opportunities.

This week, JPMorgan CEO Jamie Dimon also reiterated his skepticism about bitcoin and cryptocurrency. “I’m a major skeptic on crypto tokens which you call currency, like bitcoin. They are decentralized Ponzi schemes,” the executive said. However, he emphasized that he is not skeptical about blockchain and decentralized finance (defi), calling them “real” innovations.

A recent survey conducted by Deloitte in collaboration with Paypal found that over 85% of merchants “are giving high or very high priority to enabling cryptocurrency payments.” In addition, “nearly three-quarters of those surveyed reported plans to accept either cryptocurrency or stablecoin payments within the next 24 months.”

A different survey by Bank of America showed “growing interest” in crypto’s use as a payment method. “39% and 34% of respondents reported using crypto / digital assets as a payment method to make online or in-person purchases, respectively,” the bank described. Additionally, 49% and 53% of respondents expressed interest in using crypto / digital assets to make either online or in-person purchases, respectively.

What do you think about JPMorgan saying that there’s little demand for crypto as a payment tool? Let us know in the comments section below.



from Bitcoin News https://ift.tt/uf9oxFz
via IFTTT

Comments

Post a Comment

If you have any Questions ? Feel free to contact anytime.

Popular posts from this blog

SEC Issues ‘Fear of Missing Out’ Warning Ahead of Spot Bitcoin ETF Decision #Bitcoin https://ift.tt/WntKxeO

Image
The U.S. Securities and Exchange Commission (SEC) has warned investors about fear of missing out (FOMO). “Just because others might buy a particular investment, doesn’t mean it’s the right opportunity for you,” the SEC noted. “We’ve all seen the increased interest in online investing and the explosion of digital assets and meme stocks. Understanding these kinds of investments may seem overwhelming.” SEC’s FOMO Warning The U.S. Securities and Exchange Commission (SEC)’s Office of Investor Education and Advocacy issued a warning on social media platform X Saturday about the risks of fear of missing out (FOMO). This is the fifth piece of advice in a recent series from the agency. “‘NO GO to FOMO’ (fear of missing out),” the Office wrote, explaining that seeing others invest in a particular investment doesn’t make it the right choice for you. The SEC then urged investors to find out which investments are right for them and their investing goals. The SEC’s warning post references an a
Read more

Blackrock Expects SEC to Approve Spot Bitcoin ETF This Wednesday #Bitcoin https://ift.tt/WntKxeO

Image
Blackrock, the world’s largest asset manager, reportedly expects its spot bitcoin exchange-traded fund (ETF), the Ishares Bitcoin Trust, to be approved by the U.S. Securities and Exchange Commission (SEC) this coming Wednesday. According to reports, the asset manager has lined up over $2 billion in capital for its spot bitcoin ETF launch. Ishares Bitcoin Trust’s Approval Expected Wednesday Anticipation for the U.S. Securities and Exchange Commission (SEC)’s upcoming decision on spot bitcoin exchange-traded funds (ETFs) has reached a fever pitch, with analysts predicting that the regulator may approve multiple applications at once early next week. Jan. 10 is the deadline for the SEC to make a decision on the joint spot bitcoin ETF proposal by Cathie Wood’s Ark Invest and 21shares. While some believe that a decision could come as soon as Monday, Blackrock, the world’s largest asset manager, expects the SEC to approve its spot bitcoin ETF, the Ishares Bitcoin Trust, on Wednesday, acco
Read more

Barry Silbert Resigns as Chairman of Grayscale Investments #Bitcoin https://ift.tt/RHqEasy

Image
Digital Currency Group (DCG) founder Barry Silbert has resigned from his position as the chairman of Grayscale Investments. Current DCG chief financial officer Mark Shifke succeeds Silbert and is joined by Edward McGee and Matthew Kummell as members of the new look board. Preparing for Grayscale’s Next Chapter Barry Silbert, the founder and CEO of Digital Currency Group, has resigned from his position as chairman of the digital asset management company Grayscale and will be replaced by Mark Shifke. According to the company’s filing with the Securities and Exchange Commission (SEC), starting Jan. 1, 2024, Grayscale’s board will be composed of Mark Shifke, Matthew Kummell, and Edward McGee. Current Grayscale Investments CEO Michael Sonnenshein is also a board member, while Mark Murphy, the president of Digital Currency Group (DCG), departs alongside Silbert. Commenting on the changes to the board, an unidentified Grayscale spokeswoman reportedly said: “Grayscale and our investors
Read more