Bitcoin / Crypto News / Cryptocurrency · September 23, 2022

JPMorgan Says Demand For Crypto As Payment Method Has Declined

Global investment bank JPMorgan recently said that the demand for crypto as a payment method has seen a significant decline.

But, the bank also noted that these virtual currencies are becoming a really beginning phenomenon in the gaming sector as well as the metaverse.

Crypto as a payment method

Takis Georgakopoulos, the global head of payments for the Corporate & Investment Bank division of JPMorgan, recently talked about the demand from clients about using crypto as a payment method.

He revealed in an interview that they had seen plenty of demand from their clients for this purpose about six months ago, but there was not much to see right now.

The executive noted that there has been a significant decline in the demand for crypto as a payment option, but he added that the bank was ready to support its clients who still wanted to use crypto for this purpose.

He also said that cryptocurrencies were becoming big in the gaming industry and also the metaverse, which he believes can offer many opportunities for investment.

The CEO

While the global investment bank may be taking a pro crypto stance, the same cannot be said for its chief executive, Jamie Dimon.

The JPMorgan CEO recently talked about being a skeptic when it comes to the crypto market, including bitcoin.

As a matter of fact, he said that he believes that cryptocurrencies are just decentralized Ponzi schemes and nothing more.

But, the executive also clarified that he did not hold the same opinion about decentralized finance (DeFi), or blockchain, because he believes they are real innovations.

Other details

Deloitte had recently conducted a survey with payments giant PayPal and discovered that more than 85% of the merchants were giving a high priority to supporting crypto payments for their clients.

Moreover, the survey also disclosed that almost three-fourths of the merchants who had participated had also disclosed plans of accepting stablecoin payments and cryptocurrency in the next two years.

The Bank of America also conducted a different survey and this one showed that the interest in crypto for use as a payment method was on the rise.

The bank has said that 39% of those who participated in the survey said that they had used crypto or virtual assets for making their payments online, while 34% of them had used them for in-person purchases.

Likewise, there were also 49% of the participants in the survey had shown their interest in using crypto for making payments online, while 53% of them said that they would like to use it for in-person purchases.

The fact that there may be declining in the number of people using crypto for making payments could be because of the decline in the crypto market itself.

It has been undergoing what is called a crypto winter, with almost every crypto recording a decline in its value since the beginning of the year.