A Bitcoin (BTC) fund for JPMorgan clients
The Bitcoin fund was announced last May, and it is now available to JPMorgan clients. This was made possible through a partnership with New York Digital Investment Group (NYDIG).
According to sources cited by CoinDesk, the fund does not yet have clients. It is touted to investors as “the most secure and cheapest Bitcoin investment vehicle available in the private markets”.
It could also allow JPMorgan to offer Bitcoin ETFs in the future, once the Security and Exchange Commission (SEC) gives its valuable green light. In the meantime, JPMorgan’s Bitcoin fund is available exclusively to the bank’s customers.
👉 Find all the news of Bitcoin (BTC)
JPMorgan is gradually opening up to cryptocurrencies
Despite recurring protests from its CEO, Jamie Dimon, JPMorgan is showing more and more signs of openings to BTC and cryptocurrencies in general. In May, the latter explained as follows:
“I’m not a Bitcoin fan, I don’t care much about Bitcoin. But on the other hand, customers are interested, and I don’t have to tell customers what they’re supposed to do. “
Despite this, JPMorgan advised last February to invest 1% of its portfolio in Bitcoin. And the institution is rather “bullish” on the course: it estimates that the BTC could reach 130,000 dollars in the long term. This new initiative therefore shows that even among giants like JPMorgan, Bitcoin is too interesting to be able to miss it.
👉 On the same topic – JPMorgan, DBS Bank and Temasek create blockchain-based payments joint venture
Receive a recap of crypto news every Sunday 👌 And that’s it.
About the author: Marine Debelloir
Deputy Editor-in-Chief on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that arise from the blockchain and I like to find the most delicious information to share with you.
All articles by Marine Debelloir.