JP Morgan will have a Bitcoin investment fund
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JP Morgan Chase is preparing to offer an actively managed fund for some clients. The american bank is the latest, biggest and the most unexpected financial institution to embrace Bitcoin as a new asset fund.
According to CoinDesk sources, the investment fund dedicated to Bitcoin could be available as early as this summer. NYDIG will serve the bank as intermediary and custody provider.
Sources revealed the fact that the fund will be actively operated by JP Morgan employees. A big difference with other popular funds, but passively operated, like Pantera Capital and Galaxy Digital.
It's a change of mind very interesting for a bank with actives in the trillions. Jamie Dimon, CEO of JP Morgan, named Bitcoin a dangerous fraud in 2017. "If you’re ‘stupid’ enough to buy bitcoin, you’ll pay the price one day", said Dimon in 2017.
Despite of Dimon's "hate" for Bitcoin, top executives of the Department of Corporate and Investment Banking have admitted that the request from the clients for exposure to digital assets could change their minds.
The new investment fund of JP Morgan will be the first product of the bank that tracks directly Bitcoin's performance.
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Jimmy Dimon spoke against bitcoins since the time bitcoin started its journey to moon. He probably found a threat to his banking empire due to bitcoin
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