|One of the largest megabanks of the United States, JPMorgan Chase, is embracing cryptocurrency as an asset class. Sources revealed that the bank is rolling out plans to offer a JPMorgan Bitcoin fund to its clientele. Sources familiar with the subject stated that the JPMorgan Bitcoin fund could roll out as soon as this summer. Further, a third source confirmed that NYDIG, a leading technology and financial services firm, will serve as the custodian service provider for the JPMorgan Bitcoin fund. |
The Backstory – JPMorgan CEO Jamie Dimon has not historically been a fan of Bitcoin. In 2017, he called Bitcoin a fraud citing “If you’re stupid enough to buy it, you’ll pay the price for it one day”. Just last year, he described Bitcoin as “not his cup of coffee”. Whether or not his personal opinion has changed, there is a substantial rise in investors and clients demanding the option to explore Bitcoin as an asset class.
J P Morgan Chase Introduces Bitcoin Fund
Over the years, the bank has evolved in its reception towards the crypto and blockchain industry. With research analysts issuing market insights to its views on cryptocurrency prospects, JPMorgan Chase has integrated crypto into several divisions.
Multiple sources revealed that the fund will be actively managed. This option will offer alternatives from other industry-leading funds that offer management of cryptocurrency assets. If sources are to be believed, the Bitcoin fund under JPMorgan Chase is reserved for its private, wealthy clients.
This service is expected to roll out by the Summer of 2021 (NZ Winter for kiwi’s).