Wall Street’s love affair with bitcoin is continuing as more and more financial institutions try to tap into the crypto realm.
The latest? JPMorgan Chase.
One of America’s biggest banks will let clients invest in a bitcoin fund for the first time. It could happen as early as this summer.
It will be actively managed and NYDIG, an institutional bitcoin firm, will act as the bank’s custody provider.
This comes soon after Morgan Stanley announced it would be adopting a similar policy.
What makes this story interesting is that CEO Jamie Dimon had called bitcoin a fraud, saying that he would “fire in a second” any trader who touched the cryptocurrency.
“If you’re stupid enough to buy it, you’ll pay the price for it one day,” he said.
He also said the digital currency is “not my cup of tea.”
What happened?
Competition, volume, and a $50,000 value for a coin. That’s what happened.
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