JPMorgan Chase & Co. is preparing to enable its customers to buy an “actively-managed” bitcoin fund, according to CoinDesk
” The JPMorgan bitcoin financing might present as quickly as this summertime,” per the report. “Institutional bitcoin store NYDIG will act as JPMorgan’s custody supplier.”
This fund would apparently just be readily available to personal wealth customers.
If and when such a fund does appear, JPMorgan would be signing up with a growing variety of tradition monetary companies that wish to use bitcoin direct exposure to customers. Goldman Sachs revealed a comparable relocation in March, while Morgan Stanely revealed one earlier this month
However JPMorgan’s possible pivot to bitcoin is especially noteworthy, due to the chief’s previously-expressed mindset towards the emerging property. Throughout an institutional financiers conference in 2017, JPMorgan CEO Jamie Dimon infamously called bitcoin “even worse than tulip bulbs,” stating that, “It will not end well. Somebody is going to get eliminated.”
Nevertheless, in a February 2021 interview with Bloomberg, JPMorgan co-president Daniel Pinto sounded positive about Bitcoin.
” If in time a property class establishes that is going to be utilized by various possession supervisors and financiers, we will need to be included,” Pinto stated. “The need isn’t there yet, however I make certain it will be at some point.”