According to the managing director of JPMorgan Asset Management, Jared Gross, large institutional investors are still “staying away” from digital assets due to high volatility.
He believes that Bitcoin has not become an alternative to gold and a hedge against inflation, as many had hoped. For most large institutional investors, cryptocurrencies as an asset class “virtually don’t exist.”
He has added:
“Many large investors breathed a sigh of relief – they did not enter this market, and probably will not do so in the near future.”
JPMorgan analysts found earlier this month that the percentage of US adults who ever transferred funds to a cryptocurrency-related account has increased significantly.