JPMorgan: Demand for Crypto as Payment Method Has Drastically Declined

Global concern slope JPMorgan is seeing small request for crypto arsenic a outgo method. However, the slope noted that cryptocurrencies are becoming “larger and larger” successful the gaming sector, including successful the metaverse.

JPMorgan Sees Little Demand for Crypto arsenic a Payment Tool

The planetary caput of payments for JPMorgan’s Corporate & Investment Bank division, Takis Georgakopoulos, talked astir lawsuit request for crypto arsenic a outgo method successful an interrogation with Bloomberg Television this week. He said:

We saw a batch of request for our clients, let’s accidental up until six months ago. We spot precise small close now.

While noting that the request for crypto arsenic a outgo instrumentality has drastically declined, Georgakopoulos stressed that the slope volition inactive enactment clients who privation to usage crypto for this purpose.

He added that cryptocurrencies are besides becoming “larger and larger” successful the gaming assemblage — some successful accepted gaming and successful the metaverse, wherever helium sees galore opportunities.

This week, JPMorgan CEO Jamie Dimon also reiterated his skepticism astir bitcoin and cryptocurrency. “I’m a large skeptic connected crypto tokens which you telephone currency, similar bitcoin. They are decentralized Ponzi schemes,” the enforcement said. However, helium emphasized that helium is not skeptical astir blockchain and decentralized concern (defi), calling them “real” innovations.

A caller survey conducted by Deloitte successful collaboration with Paypal recovered that over 85% of merchants “are giving precocious oregon precise precocious precedence to enabling cryptocurrency payments.” In addition, “nearly three-quarters of those surveyed reported plans to judge either cryptocurrency oregon stablecoin payments wrong the adjacent 24 months.”

A antithetic survey by Bank of America showed “growing interest” successful crypto’s usage arsenic a outgo method. “39% and 34% of respondents reported utilizing crypto / integer assets arsenic a outgo method to marque online oregon in-person purchases, respectively,” the slope described. Additionally, 49% and 53% of respondents expressed involvement successful utilizing crypto / integer assets to marque either online oregon in-person purchases, respectively.

What bash you deliberation astir JPMorgan saying that there’s small request for crypto arsenic a outgo tool? Let america cognize successful the comments conception below.