JPMorgan, a global investment bank, is not seeing much demand for cryptocurrency as a method of payment. 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. According to him:
We saw a lot of demand for our clients, let’s say up until six months ago. We are seeing very little at the moment.
Georgakopoulos noted that demand for cryptocurrency as a method of paying for goods and services has dropped dramatically, however Georgakopoulos stated that they will continue to support customers who wish to use it.
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.
Jamie Dimon of JPMorgan was also adamant about his suspicions regarding cryptocurrency and Bitcoin this week. “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. Further, 49%, 53%, and 53% expressed an interest in crypto/digital assets being used to make online or in person purchases.
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