The article below was written by Danny Nelson, a news reporter at CoinDesk with a focus on lawmakers and federal regulators. He was previously the lead investigative reporter for the Tufts Daily.

Four years ago, Jamie Dimon called Bitcoin a fraud, and threatened to fire any trader who worked for him that recommended Bitcoin to any of Chase’s customers!

He also said “It’s worse than tulip bulbs. It will not end well. Someone is going to get killed.” He also contended, “It’s just not a real thing, eventually it will be closed.”

 

That is the type of F.U.D. (Fear, Uncertainty, and Doubt) many in the financial world put out about Bitcoin years ago. Only to change their stance after conducting their due diligence.

Five months later he said” I regret making” those Bitcoin remarks.

Three years ago, JP Morgan started looking at Blockchain.

Two years ago, JP Morgan opened their own cryptocurrency exchange using Blockchain to transfer money overseas for its wealthiest clients. Apparently, JP Morgan had been experimenting with the technology since 2015.

In 2020, JP Morgan took on two of the biggest companies in the cryptocurrency market when JP Morgan added Coinbase and Gemini as customers.

 

In 2021, when faced with mounting evidence that Bitcoin and other cryptocurrencies were not going to fade away and they were a threat to not only the government but financial institutions as well, a decision had to be made to regain control of the financial assets of the people.

 

With regulations in place, JP Morgan’s own cryptocurrency exchange, and wealthy clients clamoring to have Bitcoin and other cryptocurrencies as part of their financial portfolio, JP Morgan and other financial institutions had to succumb to the wishes of their clients.

 

Why Jamie Dimon Does A 180 With Bitcoin?

 

Government regulations allow banks and financial institutions to hold cryptocurrencies on their books as ASSETS!

 

Four years of conducting their own due diligence about Bitcoin and cryptocurrencies and the fact that JP Morgan Chase’s customers wanted to have all their assets managed by the same financial institution.

 

When your wealthiest customers want to exchange their FIAT CURRENCY for a cryptocurrency asset, you can let them do so on their own or you can make the commission and do it for them.

 

If the biggest bank in the United States can offer Bitcoin Investment Funds to its wealthiest clients, don’t you think it is time you conduct your own due diligence and get into the cryptocurrency market?

 

There is a transfer of wealth going on in the world and when Jamie Dimon does a 180 with Bitcoin, you must ask yourself “what does he know that I do not know about Bitcoin?

 

For a safe way to maintain control of your cryptocurrency assets and start making money with cryptocurrencies, check out “Cryptocurrency Trading” in the menu above.

 

For additional information and to get started today with >> Copy Pro Traders<< click the hyperlinked text in this sentence!

 

As always, conduct your own due diligence so that you make an educated decision instead of one based on emotions.

Read the article below, leave a comment, share on your favorite social media pages, and subscribe to my blog so that you are notified when new content is added.

 

DISCLAIMER: I am not a financial advisor, planner, or CPA, and I am not giving anyone investing advice, I am just sharing information I know and use in my own decision-making about cryptocurrencies. If you need financial advice, please seek the advice and guidance of a licensed financial advisor, planner, or CPA with knowledge of cryptocurrencies.

 

The article below can be found at the following website URL:

https://www.coindesk.com/jpmorgan-to-let-clients-invest-in-bitcoin-fund-for-first-time-sources

 

JPMorgan to Let Clients Invest in Bitcoin Fund for First Time: Sources

The JPMorgan bitcoin fund could roll out as soon as this summer, sources tell CoinDesk. NYDIG will be the fund’s custody provider.

Danny Nelson

 

Apr 26, 2021 at 7:08 a.m. EDT          Updated Apr 26, 2021 at 4:17 p.m. EDT

JPMorgan to Let Clients Invest in Bitcoin Fund for First Time: Sources

JPMorgan Chase is preparing to offer an actively managed bitcoin (BTC, +2.33%) fund to certain clients, becoming the latest, largest, and – if its CEO’s well-documented distaste for bitcoin is any indication – unlikeliest U.S. mega-bank to embrace crypto as an asset class.  

The JPMorgan bitcoin fund could roll out as soon as this summer, two sources familiar with the matter told CoinDesk. Institutional bitcoin shop NYDIG will serve as JPMorgan’s custody provider, a third source said.

JPMorgan’s bitcoin fund will be actively managed, multiple sources told CoinDesk. That’s a notable break from the passive fare offered by crypto industry stalwarts like Pantera Capital and Galaxy Digital, which let well-heeled clients buy and hold bitcoin through funds without ever touching it themselves. Galaxy and NYDIG are now offering bitcoin funds to Morgan Stanley clients.

The JPMorgan fund will be for private wealth clients, a source familiar with the situation told CoinDesk.

Read more: Morgan Stanley Bitcoin Fund Draws $29.4M in 2 Weeks, Filings Show

The move by JPMorgan marks a sharp turn for the $3 trillion bank. 

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JPMorgan CEO Jamie Dimon called bitcoin a dangerous fraud in 2017, threatening then to “fire in a second” any trader who touched the stuff. “If you’re stupid enough to buy it, you’ll pay the price for it one day,” he said at the time

While he quickly walked back the “fraud” label and has more recently toned down his rhetoric, Dimon, who has repeatedly argued that government regulation of cryptocurrencies is inevitable, maintained late last year that bitcoin is “not my cup of tea.”

Despite its CEO’s personal disdain for the crypto, top deputies within its Corporate and Investment Banking division acknowledged in February that client demand might force the institution to change. 

JPMorgan’s hulking investment, commercial banking, and wealth management divisions have gradually evolved in their treatment of crypto and blockchain, even if the client-facing bitcoin fund is new. The bank’s research analysts regularly issue market insight on bitcoin’s price and prospects in reports available to clients. 

The firm’s Onyx division seeks to speed up interbank payments via blockchain technology and JPM coin, for example. After five years of quiet development, Onyx is mounting a global hiring campaign for blockchain engineers.  

On the Investment Banking side, JPMorgan issued its first crypto-adjacent investment product in March, a structured note tied to the performance of bitcoin proxy stocks such as MicroStrategy and Riot Blockchain.

JPMorgan’s new fund product, however, will be its first directly dependent on bitcoin’s performance.

Bank representatives did not respond to CoinDesk’s questions by press time.

 

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