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JPMorgan executive comments on crypto and ETF: It has no value.
At the very beginning of 2024, the acceptance of Bitcoin spot ETFs in the US significantly changed the perspective of major institutions towards cryptocurrencies. However, one of the world's largest banks, even considered the largest, JPMorgan, does not seem to have changed its stance on this matter.
ETF experts Eric Balchunas and Joel Weber recently invited JPMorgan's Asset Management CEO George Gatch to their podcast called Trillions. In the podcast, which mainly discusses ETFs, Gatch stated that the bank has no intention of launching a crypto ETF.
"There is no concrete value behind it"
The manager, who stated that the bank has followed a certain path regarding ETFs and currently has no intention of changing this, also described cryptocurrencies as "temporary ideas":
"Look, JPMorgan has a path regarding ETFs. We don't know how the ETFs of Bitcoin or Ether, or other cryptocurrencies can be converted into long-term investments. This comment might seem boring to people. But sometimes, boring investments turn into successful ones. We think these are temporary ideas and fads. These are assets with more volatility than the S&P 500, but with no return and no tangible value... They have no value at all. As I said, we don't even know how to turn this into a long-term investment. We have analysts. We asked them about Bitcoin and crypto. They came to us and said, 'We don't know how to value Bitcoin.' There are some ETFs regarding water or animal welfare as well. The idea is nice, but this doesn't mean that the funds are really good investments."
Vanguard had made the same comment.
As a reminder, Vanguard, which is BlackRock's biggest competitor in the funds sector, is also pursuing a policy against cryptocurrencies. The CEO of Vanguard, Salim Ramji, who took office last year, stated that the firm has no plans to launch a crypto ETF. Ramji had transferred to Vanguard from BlackRock.
Published: August 12, 2025 11:44