The article below was written by Danny Nelson, a reporter for Coin Desk, and was posted on coindesk.com on March 9, 2021.
It is a HUGE turnaround considering back in 2017, JP Morgan Chase’s Chief Executive Officer, Jamie Dimon called Bitcoin a fraud.
Here are a few headlines attributed to Mr. Dimon…
Jamie Dimon: I would fire traders if they bought bitcoin …
Jamie Dimon Slams Bitcoin as a ‘Fraud’ – Bloomberg
Bitcoin is a fraud that will blow up, says JP Morgan boss …
It is a classic case as do as I say, not as I do, or some could say Mr. Dimon has had a change of heart since he now see’s the financial windfall he could have as a leader in the cryptocurrency market when it comes to U.S. Banks.
Banks fear cryptocurrencies because it takes control of your money away from them, and that would lead to their downfall.
In the case of JP Morgan, it is a classic case of if you can’t beat them, join them, and under Mr. Dimon’s leadership, JP Morgan is becoming a leader in the cryptocurrency space.
Just last year, JP Morgan took on two leaders in the cryptocurrency market as customers…
JPMorgan Bank Takes on Coinbase, Gemini as Its First Crypto Exchange Customers
If you don’t think things are changing in the Banking Industry, you are mistaken!
It is only a matter of time before everything is switched to the “BLOCKCHAIN” and you will have to get a digital wallet to access your bank account.
Probably less than a year after Mr. Dimon called Bitcoin a fraud, JP Morgan launched their own “Blockchain Exchange” with their own cryptocurrency coin which Mr. Dimon said is pegged to the U.S. dollar.
It is used to transfer funds of JP Morgan’s business customers overseas because it is cheaper and faster than traditional Money Transfer options.
At the time it was only available to JP Morgan’s business customer, and not the working man or woman.
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JP Morgan to Launch ‘Cryptocurrency Exposure Basket’ of Bitcoin Proxy Stocks
The debt instrument would lean heavily on MicroStrategy, Square, and Riot Blockchain stocks.
JPMorgan to Launch ‘Cryptocurrency Exposure Basket’ of Bitcoin Proxy Stocks
Just weeks after JPMorgan Chase published a report warning that traditional financial companies are at risk of falling behind in digital finance, the largest U.S. bank is looking to issue debt linked to cryptocurrency-focused companies.
J.P. Morgan Cryptocurrency Exposure Basket, the incoming debt instrument, is long on MicroStrategy (20%) Square (18%), Riot Blockchain (15%) and chipmaker NVIDIA (15%) with positions in 11 companies total. It does not invest directly in cryptos, according to the prospectus.
The basket companies “operate businesses that we believe to be, directly or indirectly, related to cryptocurrencies or other digital assets, including as a result of bitcoin (BTC, +1.19%) holdings, cryptocurrency technology products, cryptocurrency mining products, digital payments or bitcoin trading,” JPMorgan said in the prospectus.
The prospectus documents state the notes will payout based on the basket companies’ performance less a 1.5% deduction – essentially the fee. They cost a minimum of $1,000 minimum and have a maturation date of May 2022.
A search of JPMorgan’s history of regulatory filings indicates the mega-bank has never before issued notes related to the performance of crypto companies. Representatives for the bank did not immediately respond to CoinDesk queries.