Summary:
Several years after its CEO called bitcoin “fraud,” JPMorgan Chase & Co has completed its U-turn. America’s largest bank is purportedly looking into launching a bitcoin fund, with the digital asset financial firm NYDIG to serve as custodian. Citing people familiar with the matter, CoinDesk reported earlier today that JPMorgan intends to release an actively managed bitcoin fund soon. According to the coverage, the New York Digital Investment Group (NYDIG), describing itself as a “financial services firm dedicated to bitcoin,” will be the fund’s custodian. The Wall Street behemoth plans to offer its innovative BTC-focused product to private clients only. If JPM indeed proceeds with releasing a bitcoin fund, this would be the institution’s second initiative with
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Jordan Lyanchev considers the following as important: AA News, Banks, BTCEUR, BTCGBP, btcusd, btcusdt, jp morgan, social
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Several years after its CEO called bitcoin “fraud,” JPMorgan Chase & Co has completed its U-turn. America’s largest bank is purportedly looking into launching a bitcoin fund, with the digital asset financial firm NYDIG to serve as custodian. Citing people familiar with the matter, CoinDesk reported earlier today that JPMorgan intends to release an actively managed bitcoin fund soon. According to the coverage, the New York Digital Investment Group (NYDIG), describing itself as a “financial services firm dedicated to bitcoin,” will be the fund’s custodian. The Wall Street behemoth plans to offer its innovative BTC-focused product to private clients only. If JPM indeed proceeds with releasing a bitcoin fund, this would be the institution’s second initiative with
Topics:
Jordan Lyanchev considers the following as important: AA News, Banks, BTCEUR, BTCGBP, btcusd, btcusdt, jp morgan, social
This could be interesting, too:
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Several years after its CEO called bitcoin “fraud,” JPMorgan Chase & Co has completed its U-turn. America’s largest bank is purportedly looking into launching a bitcoin fund, with the digital asset financial firm NYDIG to serve as custodian.
- Citing people familiar with the matter, CoinDesk reported earlier today that JPMorgan intends to release an actively managed bitcoin fund soon.
- According to the coverage, the New York Digital Investment Group (NYDIG), describing itself as a “financial services firm dedicated to bitcoin,” will be the fund’s custodian.
- The Wall Street behemoth plans to offer its innovative BTC-focused product to private clients only.
- If JPM indeed proceeds with releasing a bitcoin fund, this would be the institution’s second initiative with affiliation to the cryptocurrency industry. Earlier this year, the bank filed a prospectus to enable investors to receive exposure to crypto-related public companies like Square and MicroStrategy through a debt instrument.
- More recently, JPMorgan analysts outlined the growing interest in bitcoin from banks as the asset’s volatility decreases over time.
- It’s worth noting, though, that long before the aforementioned positive approach on bitcoin, the bank, and its CEO, in particular, were highly critical.
- Jamie Dimon called bitcoin a “fraud,” said it was “worse than tulip bulbs,” predicted “it won’t end well,” and concluded, “someone is going to get killed.”
- Moreover, the executive threatened to “fire in a second” any bank employee trading bitcoin. He justified this with two somewhat controversial reasons: “It’s against our rules, and they are stupid.”
- Despite apologizing later about his harsh words, Dimon still asserted in 2020 that bitcoin is just not his cup of tea.
