‘Fintech is coming into the mainstream from this pandemic,’ JPMorgan’s Joyce Chang says

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With the pandemic boosting demand for different property, JPMorgan’s Joyce Chang is seeing a brand new dynamic unfolding within the cryptocurrency area: a battle between banks and fintech.

“Fintech is coming into the mainstream from this pandemic as there has actually been demand for digital providers — much less in individual transactions,” the agency’s chair of world analysis informed CNBC’s “Trading Nation” on Thursday.

The exercise is enjoying out as bitcoin, the predominant cryptocurrency, is taking Wall Road on a wild trip. Bitcoin is up about 66% this yr and 452% over the past 12 months.

“We have seen demand from millennials,” Chang mentioned. “We have seen demand from institutional traders for the primary time, as properly.”

In a analysis observe final week, Chang wrote together with colleague Amy Ho that traders may think about proudly owning as much as 1% of bitcoin in a multiasset portfolio.

‘We are also involved about valuations’