By Shelly Melancon (Switzerland)
Reports have shown that the banking powerhouse, JP Morgan, is set to launch its first BTC fund by the summer for the bank’s clients. According to sources, the move is being led by Jamie Dimon, a well-known critic of BTC. Rich customers of the bank are expected to get it during the summer, later in the year. NYDIG is set to give custody to Bitcoin. When this is finally accomplished, the bank becomes the biggest banking institution in the United States to recognise Bitcoin as an official asset.
JP Morgan Makes U-Turn
This development comes a few years after its CEO, Jamie Dimon, called BTC a dangerous fraud. The CEO of JP Morgan made these claims even going as far as calling people who invested in Bitcoin as stupid in January, 2019. He even threatened to fire any trader in the bank who was guilty of dealing with Bitcoin and other cryptocurrencies.
The CEO has not however made any scathing remarks about Bitcoin and other cryptocurrencies of late which may signal a change in perspective. Other notable financial institutions like Paypal have embraced cryptocurrencies on their platform to good effect and JP Morgan is about to follow their lead. Mastercard also accepts dealings in Bitcoin.
This move to now establish a Bitcoin fund would have been seen as highly unlikely about a year ago but JP Morgan has finally decided to delve into the world of cryptocurrencies. This is a strong win for fans of the world’s largest cryptocurrency. The investment banking unit of the bank gave out its pioneer side by side investment with cryptocurrency which is tied to how well the coin does in the market.
Also read:How The Fund Will Work
The bank has said that the fund will be made available to its wealthy clients and may be a move to match one of the bank’s competitors Morgan Stanley MS which gave access to BTC for its private customers. The bank has recently grown in stock at a starting bell price of about $151 per each share. Bitcoin on the other hand is gradually regaining as it sits at over $53,000 in the market as the time of this post.
Bitcoin on The Rise Again
This increase in Bitcoin price has been attributed partially to its increased involvement in mainstream business and Paypal’s move to allow its users all around the world make purchases and pay for services with Bitcoin. Customers can make these purchases and pay for services from about 29 million merchants in different parts of the world which is aimed at normalizing digital marketing.
Another notable new supporter of Bitcoin is American real estate firm WeWork which has added Bitcoin as a method of payment. JP Morgan’s newly found love for Bitcoin may turn out to be a commercial master class as other renowned companies like Tesla and Twitter have added their investments in Bitcoin and the market sees the in pour of more investors on a daily basis. Bitcoin which a while ago was not Jamie Dimon’s cup of tea might in the end generate lots of profits for the Wall Street giant.
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