JP Morgan has recognized cryptocurrency as an asset class.
It's amazing how time puts everything in its place! Back in 2017, the head of JP Morgan, Mr. Dimon James, claimed that Bitcoin was a fraudulent scheme and threatened to fire any trader who touched the virtual currency.
After just 4 years, one of the largest American banks is preparing to offer a dedicated Bitcoin fund for certain clients.
In fact, JP Morgan became the last big bank in the United States to recognize cryptocurrency as an asset class.
The launch of the Bitcoin fund may take place this summer. The bank also intends to actively manage clients' bitcoin reserves. This is significantly different from classic bitcoin funds (Pantera Capital and Galaxy Digital), which allow customers to simply buy cryptocurrencies and store them in their account.
JP Morgan's new stock product will be the first to directly depend on bitcoin's performance.
The head of the bank had a personal epiphany. Words about the Bitcon fraud and calls for government regulation have disappeared somewhere. That's really really - the market decided everything itself!