JPMorgan Launches In-House Bitcoin Fund for Wealthy Clients

JPMorgan Chase, America’s biggest bank, launches an in-house Bitcoin Fund for Private Bank Clients in partnership with NYDIG, the Bitcoin arm of asset-management firm Stone Ridge.

Sources say that the fund will be presented to clients as the “safest and cheapest bitcoin investment vehicle available on private markets.” 

This news represents the opposite point of view of JPMorgan CEO Jamie Dimon, a well-known Bitcoin skeptic. In the past, he often stigmatized Bitcoin as “spooky internet money” and that he “would fire any JPMorgan employee who traded Bitcoin”, according to the Australian Financial Review.

“I am not a bitcoin supporter, I don’t really care about bitcoin. On the other hand, clients are interested and I don’t tell clients what to do.”

Jamie Dimon, JPMorgan CEO

The private fund would also act as a port to a bitcoin exchange-traded fund if the U.S. Securities and Exchange Commission ever approves a crypto ETF. JPMorgan doesn’t have a Bitcoin ETF bid as of now, but NYDIG filed for one before the SEC.

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