JPMorgan Chase & Co, one of the largest banks in the world, is preparing to offer its first Bitcoin fund to its wealthy clients. In effect, thereby showing another indication that Wall Street is starting to get closer to the biggest cryptocurrency. After its price soared in recent months.
Ultimately, JP Morgan is the latest Wall Street giant to embrace digital currencies as an asset class. In mid-March, Morgan Stanley became the first major bank in the United States to offer exposure to Bitcoin funds to its wealthiest clients.
In the case of the MorganStanley fund, its equity clients have access to three funds that enable ownership of Bitcoin. Incidentally, two funds belong to Galaxy Digital, while the third is a joint effort of asset manager FS Investments and NYDIG.
JPMorgan surrenders to Bitcoin
So, the CEO of the bank of the United States, Jamie Dimon, has ended up giving in to the inevitable. And he has completed his 180 degree turn from Bitcoin naysayer to enthusiast. In particular, by offering the entity to its first Bitcoin fund.
It should be noted that the JPMorgan fund will go to private equity clients and marks a radical turnaround for the $ 3 trillion bank.
Likewise, the company specialized in Bitcoin NYDIG, will serve as custody provider for JPMorgan.
It should be noted that JPMorgan co-chair Daniel Pinto said last week that the firm “will accompany clientsWhen it comes to Bitcoin.
Is BTC a dangerous fraud?
To recall, Jamie Dimon called Bitcoin a dangerous fraud in 2017, then threatening to “fire in a second” any trader who touched the matter. However, he quickly retracted the “fraud” label.
“If you’re stupid enough to buy it, one day you’ll pay the price for it.”
Despite personal contempt, senior officials in its Corporate and Investment Banking division recognized in February that customer demand could force the institution to change its position.
In closing, JPMorgan’s new fund product will be the first to be directly dependent on Bitcoin’s performance. Although, the bank’s representatives have not yet made a formal announcement about the launch of said product.
Finally, JPMorgan is the latest Wall Street name to be added to a long list of finance giants who have surrendered to the creation of Satoshi Nakamoto in recent months. Will we keep adding? Leave your opinion in the comment box.
I retire with this phrase from Seth Godin: «The question is not whether it is possible. Today the key question is: Will you dare to do it?»