Crypto Is ‘Effectively Nonexistent’ for Big Institutions, JPMorgan’s Gross Says
- Industry volatility is too high, notes strategist Jared Gross
- Cryptocurrencies have had an awful year, with Bitcoin down 60%
A bitcoin sculpture on the ground outside a cryptocurrency mining farm in Norilsk, Russia.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Money managers who have avoided the many ups and downs of cryptocurrencies may be feeling relieved for having done so, according to a senior investment strategist at JPMorgan Asset Management.
“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.”