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JPMorgan sees a downfall in demand for crypto payment options

A few months back, there was a huge demand for crypto as a payment option worldwide. However, it has tremendously declined in the last couple of weeks. As per the reports, Global Investment Bank JPMorgan sees very little demand for crypto payment options from their clients. However, the bank notices that the crypto and digital coins are becoming more prominent in the gaming sector and the metaverse, which is good for the industry.

Downfall in demand for cryptocurrencies as a payment method

This week, during an interview with Bloomberg, Mr. Georgakopoulos, head of the payment for JPMorgans’ Corporate And Investment Bank Division, discussed the demand for crypto as a payment option. He stated that they saw a lot of demand for this payment option for about 6 months from their clients, but now they can see very little. 

demand for crypto payment
J.P. Morgan

Takis also clarified that they would focus on ensuring that the bank will support their clients who want to use digital coins as a payment option for their business. He also added that he could see many opportunities in the gaming sector and the metaverse as there the demand for cryptocurrencies is getting larger than expected.

CEO of the Global Investment Bank, Mr. Dimon, reiterated his skepticism regarding popular cryptocurrencies such as bitcoin and many others. He stated that he is a prominent skeptic of cryptocurrencies, which people call a form of currency. He considers them a Ponzi scheme but clarified that he finds blockchain technology and Defi very innovative.

Surveys indicate that there is a high demand for crypto payments

In the past few weeks, different companies conducted many surveys to determine whether there is considerable demand for cryptocurrency as a payment method. One of the surveys was conducted by a big consulting firm, Deloitte, in partnership with Paypal, which stated that over 80 percent of the merchants want a crypto payment option, and also nearly ¾ of the surveyed told that they are looking to accept cryptocurrency or any stable coin as the payment option in the next 2 years.

What are your thoughts on JPMorgan’s report about the decreased demand for crypto as a payment option? Do you think crypto will be able to become a common payment method by the next decade? Let us know in the comments below. And, if you found our content informative, do share it with your family and friends.

Also Read: Number of Bitcoins moving to exchanges is seeing a major drop.