A Bitcoin (BTC) fund for JPMorgan clients
The Bitcoin fund had been announced back in May, and it is now available for JPMorgan clients. This has been made possible through a partnership with New York Digital Investment Group (NYDIG).
According to sources cited by CoinDesk, the fund does not yet have any clients. It is being touted to investors as ” the most secure and cheapest Bitcoin investment vehicle available in the private markets.”
It could also allow JPMorgan tooffer Bitcoin ETFs in the future, once the Security and Exchange Commission (SEC) gives its valuable green light. In the meantime, JPMorgan’s Bitcoin fund is available exclusively to the bank’s clients.
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JPMorgan is gradually opening up to cryptocurrencies
Despite the recurring protests of its CEO, Jamie Dimon, JPMorgan is showing more and more signs of opening up to BTC and cryptocurrencies in general. In May, the latter explained thus:
Despite this, JPMorgan advised last February to invest 1% of its portfolio in Bitcoin. And the institution is rather “bullish” on the price: it estimates that the BTC will be able to reach 130 000 dollars eventually. So this new initiative shows that even at giants like JPMorgan, Bitcoin is too interesting to pass up.
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About the author: Marine Debelloir
Associate Editor on Cryptoast, I fell into the crypto-currency pot a while ago a few years ago. I’m passionate about the innovative technologies that come from blockchain and I like to find the most interesting information to share with you.
All articles by Marine Debelloir.