JP Morgan Chase, the largest banking institution in the U.S. by assets, may launch a new service in just a few weeks in which the bank's wealthy clients will have access to an actively managed Bitcoin fund. This is a major breakthrough if you juxtapose the company's new policy with the words of its CEO in 2017. JP Morgan Chase opens up to BTC According to recent reports from the Coindesk portal, the bank may unveil a Bitcoin fund as early as the end of June. Asset manager New York Digital Investment Group (NYDIG) is expected to provide custody services for JP Morgan's BTC fund. It is worth recalling that the new reports come more than a month after Morgan Stanley became the first major US bank to grant its wealthy clients access to Bitcoin-linked funds. While details about JP Morgan's plans are sparse and we don't know what direction the bank's offering will take, Morgan Stanley itself has limited its Bitcoin offering to its wealthiest clients. JP Morgan's move also comes about a month after the bank released information on yet another product that aims to give investors exposure to cryptocurrencies through a basket of 11 stocks. This is the J.P. Morgan Cryptocurrency Exposure Basket, while some of the stocks mentioned include securities from MicroStrategy, Square, Riot Blockchain, Nvidia and PayPal. These are all companies with strong ties to the cryptocurrency industry. Jamie Dimon has changed his mind JP Morgan's new cryptocurrency actions stand in stark contrast to the previously stated views of the bank's chairman and CEO Jamie Dimon. In 2017, Dimon called BTC a "scam" and something "worse than tulip bulbs." He declared that he would fire any employee he found out had bought BTC. Another thing is that Dimon later apologized for his words. We learned, for example, that his daughter invests in BTC. For the past year, we've seen a general shift in the trend of mainstream perception of cryptocurrencies. Big companies such as Tesla and Microstrategy, for example, are entering the BTC market. Tags bank bitcoin btc JP Morgan JP Morgan Chase
No comments:
Post a Comment