I guess it's just how large firm behave, not gonna invest into something until they really sure and many people have already jumped in and I guess that happens to their idea of diversification too and risk calculation.
However, there's always an outlier why will try to make fortune when thing is still young and make many profit out of it, JP Morgan could say whatever he wants but I'm sure in the future there gonna be some large firms investing to crypto.
I agree, there are always some outliers. If all companies would do the same we wouldn't need any financial adivsors in the first place. Imagine all the banks having the same opinion on stocks and commodities. There are already quite a few mid size firms switching their cash into bitcoins. Eventually some of the larger firms will go into the crypto world as well. The risk of missing out on the new future is rising with the bitcoin price.
Actually, it's not about the Bitcoin price itself, but about its capitalization. Until now, large companies have been afraid of investing in Bitcoin due to its very high volatility and the possibility of price manipulation by whales. I think we are at the stage where, slowly, large companies are starting to believe that Bitcoin will soon reach a capitalization that will make manipulation impossible.
JP Morgan is probably just relying on the fact that this capitalization is too small for him, but that's just their opinion, nothing more. The free market will decide for itself.