JPMorgan Introduces In-house Bitcoin Fund For Wealthy Clients

Aug 6, 2021 0 comments


JPMorgan has become the latest bank to launch a Bitcoin fund for its wealthy clients, making it easy for them to access cryptocurrencies.

JPMorgan Launches Bitcoin Fund

JPMorgan Chase, one of the leading investment banks in the world, has launched a Bitcoin fund for its wealthy clients. The Bitcoin Fund is in-house and wealthy clients can start accessing it this week.’

Two sources close to the matter told CoinDesk that the passively managed Bitcoin fund is offered in partnership with leading cryptocurrency powerhouse NYDIG. However, JPMorgan is yet to record investment clients at the moment.

The situation could soon change as advisors were only told of this latest development during a call with the bank yesterday. This latest development comes barely two weeks after FXEMPIRE reported that JPMorgan would start granting its wealthy clients access to Bitcoin and other cryptocurrencies via funds such as the Grayscale Bitcoin Trust (GBTC).

It is still unclear how the bank intends to grant users access to the cryptocurrencies. However, previous reports suggest that it would use funds such as Osprey Funds’ Bitcoin Trust, Grayscale’s Bitcoin Trust GBTC, Bitcoin Cash Trust, Ethereum Trust, and Ethereum Classic.

JPMorgan’s Journey In Crypto Has Been Exciting

The launch of the Bitcoin Funds for wealthy clients by JPMorgan would represent a massive turnaround in position in just a few years. JPMorgan and its CEO Jamie Dimon were some of Bitcoin’s biggest critics a few years ago.

Dimon went as far as criticizing people that invested in Bitcoin as he considers it not to be a real asset. However, the bank has changed its stance on Bitcoin and other cryptocurrencies and is slowly becoming involved in the sector.

Bitcoin’s performance has slowly turned around in recent days. Currently, BTC is up by less than 1% and climbed above the $38k mark again. The slight rally came after the leading cryptocurrency underperformed since the start of the week.

However, Bitcoin continues to struggle to surpass the $40k mark. The medium and long-term outlook of Bitcoin and other leading cryptocurrencies remain positive despite the current situation of the market.

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