Banking giant JPMorgan is giving crypto a seat at the table after CEO Jamie Dimon called Bitcoin (BTC) a fraud and compared it to pet rocks for years.
In a new episode of JPMorgan Asset Management’s Insights Now podcast, JPMorgan global market strategist Jack Manley says investors interested in getting into Bitcoin and crypto can start with a modest allocation.
According to Manley, crypto is here to stay as more investors push for regulatory guardrails to legitimize the asset class.
“You can start paying attention to this stuff, which I think pretty clearly is very interesting. You may not like it, but it’s super interesting. And it’s clearly not going anywhere anytime soon, especially not with all the legislation, the regulatory push [and] the increased legitimization…”
But Manley notes that people should never go all-in on crypto and should treat it as a high-risk, high-reward play.
“I would personally not advocate more than 5 % of your net worth at a maximum, sort of similar to what we would advocate in gold, frankly. But almost treat it like you’re going to Vegas, like you’re putting it all on black at the roulette table. If it hits, you become fabulously wealthy, and you’re everybody’s best friend.
And if it doesn’t, then you knew what you were signing up for. And I think if you have that mentality that you’re only staking what you’re willing to lose, then you can sort of get a horse in the race, so to speak…
But I wouldn’t sell out of all your equities and move them all into Pycoin. “
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