“As an asset class, crypto is effectively nonexistent for most large institutional investors,” Jared Gross, head of institutional portfolio strategy at the bank, said on this week’s episode of Bloomberg’s “What Goes Up” podcast. “The volatility is too high, the lack of an intrinsic return that you can point to makes it very challenging.
”In the past, there used to be some hope that Bitcoin could be a form of digital gold or haven asset that could provide inflation protection. But it is “self-evident” that hasn’t really happened, Gross said.
“Most institutional investors probably are breathing a sigh of relief that they didn’t jump into that market and are probably not going to be doing so anytime soon.”
Source: JPMorgan’s Gross Says Crypto About Non-Existent for Institutions – Bloomberg