According to a top executive at JPMorgan, many of their clients consider Bitcoin as an asset class.

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“The current volatility has to play itself out,” said JPMorgan’s director of asset and wealth management.

According to a senior wealth management executive, despite Bitcoin (BTC) not yet emerging as a “asset class per se,” JPMorgan sees it as critical to address the demand for cryptocurrency investment.

According to Mary Callahan Erdoes, JPMorgan’s director of asset and wealth management, a high number of JPMorgan clients consider digital currencies like Bitcoin as an asset class.

In a Bloomberg interview released Tuesday, Erdoes stressed that the bank will continue providing crypto services to meet the growing demand, stating:

“A lot of our clients say, ‘That’s an asset class, and I want to invest,’ and our job is to help them put their money where they want to invest.”

The discussion over whether cryptocurrencies are an asset class is still ongoing, according to Erdoes, as many professionals are concerned about the market’s extraordinary volatility.

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“It’s a deeply personal matter. We don’t have Bitcoin as an asset class per se,” Erdoes said, adding that whether the cryptocurrency is a store of value has to be seen. She concluded, “The volatility you see in it today really has to play itself out.”

One of the largest investment banking institutions in the United States, JPMorgan is known for its somewhat mixed stance on crypto, with CEO Jamie Dimon referring to Bitcoin as “fraud” back in 2017. Since then, the firm has softened its attitude on the industry, with reports that it is planning to launch an actively managed Bitcoin fund as well as debt products with direct exposure to a basket of crypto-focused firms.

JPMorgan researchers have been keeping a close eye on the cryptocurrency market, with crypto specialist Nikolaos Panigirtzoglou predicting that Bitcoin’s long-term “theoretical aim” will be $145,000. JPMorgan indicated in late June that institutional investors were unlikely to purchase the slump, with strategists predicting that Bitcoin would trade between $23,000 and $35,000 in the medium run.

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