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JP Morgan Chase holds a love-hate relationship with cryptocurrency

JP Morgan Chase holds a love-hate relationship with cryptocurrency

JP Morgan is the CEO of Jamie Dimon. JP Morgan’s path to Crypto can shake up finance. Though Morgan bashed Bitcoin in 2017, he seems to have softened his stance on Crypto, and so has the firm itself.

His ongoing love-hate relationship with cryptocurrency has become a fascinating one over the years. This happened especially since the digital asset sector started exploring at the 2021 start.

Between February and April, the total market capitalization of the space is doubled from $1 trillion to $2 trillion. As a result, the individual market cap of cryptocurrencies such as Ether and Bitcoin has become higher than those of established multinationals.

Moreover, Bitcoin surpassed Tesla, Tencent, Visa, Berkshire Hathaway, Alibaba, Facebook, and Samsung. Additionally, he also relaxed his anti-crypto stance claiming that governments worldwide will regulate their local digital asset markets into an iron fist.

Yet he says that Bitcoin is not his cup of tea

Changing Times

JP Morgan is currently planning to offer an actively managed Bitcoin fund to some of his clients. However, he was having a somewhat negative Outlook towards it. However, there are speculations that the funds could be rolled as soon as this summer.

According to the insider claims, the Fintech firm will provide its custody services to the banking behemoth. Sam Tabar is the Chief strategy officer of Bit Digital. He stated that JP Morgan’s launching its Bitcoin fund is an inevitable response to the rising consumer demand for blockchain.

Moreover, JP Morgan being a business will pursue whatever money-making endeavors it can. Though its CEO has controversial statements, the company has been working towards incorporating blockchain technology into its business model for years.
We cannot deny that the popularity of the Crypto market is rising in recent months, with investors showing interest.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.