It's amazing how time puts everything in its place. Back in 2017, the head of JPMorgan stated that Bitcoin is a fraudulent scheme and threatened to fire any trader who touches 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, JPMorgan will be the last big bank in the US 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 in serious contrast to classic Bitcoin funds, which allow customers to simply buy cryptocurrencies and store them in their accounts (Pantera Capital and Galaxy Digital). JPMorgan's new stock product will be the first to directly depend on Bitcoin's performance.
Did the head of the bank had a personal insight? The words about fraud and calls for government regulation have suddenly disappeared. The invisible hand of the market might’ve touched him.
Since bankers are very flexible guys and they know how to change their opinions in accordance with the spirit of the times, I’m wondering how quickly they will turn swords into plowshares again at the moment when the regulators start a new crusade against unregulated crypto.
But why wonder what will happen tomorrow? So far, the initiative of one of the leading American banks has had a very positive effect on the bitcoin quotation - an increase of about 5%.