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Wall Street companies advise their customers not to invest in cryptocurrencies, the asset manager says

May 5, 2020

JPMorgan Chase and Goldman Sachs advise their customers against Bitcoin (BTC), says a US wealth manager.

Adam Pokornicky, COO of Digital Asset Investment Management (DAIM), an investment advisor registered in the United States. of digital assets, explained that your company has almost lost a customer through bank interventions.

In an interview with Cointelegraph, Pokornicky described his client as a lawyer and as a “wealthy individual” and added that they have known each other for a long time.. “He is both a friend and someone I have worked with over the years,” said the asset manager.

Wall Street companies advise their customers not to invest in cryptocurrencies, the asset manager saysWall Street companies advise their customers not to invest in cryptocurrencies, the asset manager says

According to Pokornicky His customer was willing to buy a small amount of BTC for his wallet, but had a sudden change of heart after talking to the advisors from JPMorgan and Goldman Sachs. “For him, the desire to buy 1 Bitcoin doesn’t mean he’s interested in being talked about,” said Pokornicky, whose attempts to get more context have been unsuccessful. “I still don’t know what you said to him.”

Banks’ love-hate relationship with cryptocurrencies

The asset manager argued that Wall Street institutions tend to advise against cryptocurrenciesaccording to the guidelines of your company:

“My partner and I spend most of our careers working on the buy side in a hedge fund and / or trading. We have an excessive number of Wall Street friends and colleagues who still work at large banks like Morgan Stanley, Goldman. JPM, Wells Fargo, Merrill / BofA, who are either completely banned from buying Bitcoin or have to go through insane compliance rings to do so, and the wealth management consultants have a HARD No-Bitcoin policy . “

JPMorgan’s public relations work with cryptocurrencies was complex. The CEO of the bank, Jamie Dimonis a well-known Bitcoin critic who From the “don’t worry about Bitcoin” statement to the launch of JPM Coin, a digital asset inspired by stablecoin.

Goldman Sachs entered the industry a long time ago; invested in several key projects such as the Circle Payments app and the cloud-based supply chain company Tradeshift.

When asked if he had finally persuaded his customers to buy Bitcoin, Pokornicky replied:

“No, not yet. My feeling is that it will make sense, most likely at higher prices. Usually they all do at some point.”

JPMorgan and Goldman Sachs did not immediately respond to Cointelegraph’s request for comment.

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