JP Morgan changes mind. It will enable rich clients to invest in BTC

One of the largest US banks, JP Morgan, is launching a fund that will allow its solvent clients to invest in BTC. It adds to the list of leading US banks that have taken a similar step in the recent past.

Jamie Dimon, CEO of JP Morgan, who in the past called BTC the original Ponzi scheme, commented on the news in an interview with the Wall Street Journal: “I am not a supporter of BTC, I am not very interested in BTC. On the other hand, our clients are interested in him and I can’t tell them what to do. ”

Coindesk, who reported on the news, remarked a little annoyingly that JP Morgan had transformed from Megabank, which had fought BTC in the past, into a bank that is becoming a real player in the field of digital assets.

JP Morgan has launched a #BTC in-house fund.

The new passively managed fund, offered in partnership with the #BTC firm NYDIG, will be avaliable to JPMorgan Private Bank clients.

– Documenting BTC 📄 (@DocumentingBTC) August 5, 2021

According to sources familiar with the matter, JP Morgan will enable in-house investments in BTC for its highly solving clients through cooperation with NYDIG, which specializes in the safe custody of BTC and the recruitment of institutional investors.

NYDIG, meanwhile, is applying to the US Securities and Exchange Commission (SEC) for approval of the BTC ETF. Coindesk therefore adds that if successful, the existing bridge between JP Morgan and NYDIG will also make it possible to build an easy path for JP Morgan clients to invest directly in BTC ETFs.

Wells Fargo is also added

Another bank that will allow its solvent clients to invest in BTC is Wells Fargo. A spokesman for the institution, which manages more than $ 2 trillion in capital, confirmed this in an interview with Business Insider.

BTC Magazine’s Twitter portal aptly added that until relatively recently in 2019, Welss Fargo blocked the possibility for its clients to purchase cryptocurrencies through its services (sending money to the crypto exchange from their accounts). Thus, like JP Morgan, it was clearly forced to reconsider its approach to digital assets.