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JPMorgan: Demand for Crypto as Payment Method Has Drastically Declined

News Feed - 2022-09-25 11:09:02

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 alsoreiterated 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. Tags in this story Jamie Dimon, jpmorgan, JPMorgan crypto payments, JPMorgan cryptocurrency payments


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. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Robert Kiyosaki Says End of Fake Money Is Here — Shares 3 Lessons to Help Investors Amid Market Crashes FEATURED | 8 hours ago Iran Begins Central Bank Digital Currency "Crypto Rial" Pilot Today FEATURED | 2 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleRobert Kiyosaki Says End of Fake Money Is Here — Shares 3 Lessons to Help Investors Amid Market Crashes Next articleSoutheast Asia’s Largest Bank DBS Launches Self-Directed Crypto Trading Amid Institutional Demand Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand"


Fidelity Investments, one of the largest financial services firms with more than $11 trillion under administration, is launching exchange-traded funds (ETFs) focusing on the crypto ecosystem and the metaverse. "We continue to see demand, particularly from young investors, for access ... read more.SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto

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