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 of economics and cryptography.
Demand for crypto as a payment method has dropped drastically – Featured Bitcoin News
Global investment bank JPMorgan sees little demand for crypto as a payment method. However, the bank noted that cryptocurrencies are getting “bigger and bigger” 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, spoke about customer demand for crypto as a payment method in an interview with Bloomberg Television this week. He said:
We saw great demand from our customers, let’s say until six months ago. We see very little right now.
While noting that the demand for crypto as a payment tool has fallen drastically, Georgakopoulos emphasized that the bank will continue to support customers who want to use crypto for this purpose.
He added that cryptocurrencies are also getting “bigger and bigger” in the gaming sector – both in traditional gaming and in the metaverse, where he sees many opportunities.
This week, JPMorgan CEO Jamie Dimon also reiterated his skepticism about bitcoin and cryptocurrency. “I’m a big skeptic of crypto-tokens that you call currency, like bitcoin. They’re decentralized Ponzi schemes,” the executive said. However, he emphasized that he is not skeptical of blockchain and decentralized finance (defi), calling them “real” innovations.
A recent survey conducted by Deloitte in partnership with Paypal found that over 85% of merchants “give a high or very high priority to enabling cryptocurrency payments.” In addition, “nearly three-quarters of respondents reported plans to accept either cryptocurrency or stablecoin payments within the next 24 months.”
Another Bank of America survey showed “increasing interest” in using crypto as a payment method. “39% and 34% of respondents reported using crypto/digital assets as a payment method to make purchases online or in person,” the bank described. Additionally, 49% and 53% of respondents expressed interest in using crypto/digital assets to make purchases online or in person.
What do you think about JPMorgan saying there is little demand for crypto as a payment tool? Let us know in the comments section below.
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