JPMorgan Asset Management’s Head of Institutional Portfolio Management Jared Gross discussed cryptocurrency and institutional investor interest in the asset class. According to JPMorgan’s top investment strategist, Bitcoin is virtually non-existent as an asset class for most large institutional investors. The volatility is too high and the lack of intrinsic return to the point makes it difficult.

Gross went on to say that it’s “understood” that Bitcoin hasn’t turned out to be some sort of digital gold or safe haven, as some had hoped. He added that most institutional investors have probably breathed a sigh of relief not to enter this market and they probably won’t do so anytime soon.