The ultra-rich are gripped by crypto fever

JPMorgan will reportedly allow retail clients to access crypto funds, but only if they specifically request it.

US investment bank JPMorgan will allow its advisors to execute crypto trades for its clients, according to media reports. There’s just one catch. The advisors are not allowed to actively offer the investments. Only if clients specifically ask for it during the conversation will the option be available to them. Business Insider quotes a person directly familiar with the bank’s move into the digital space. She said that this applies to all JPMorgan customers seeking investment advice. This includes those managed by financial advisors, retail investors using its trading app and clients the private bank serves directly.

There is no clear line on crypto at JPMorgan

The move follows an interview that JPMorgan’s director of wealth management, Mary Callahan Erdoes, gave to Bloomberg TV a few days ago. She emphasized in the interview that a large number of JPMorgan clients would see cryptocurrencies, including Bitcoin (BTC), as an asset class. She moreover announced that the bank would allow clients to “invest their money where they want to invest it,” which therefore includes crypto assets. The current announcement that crypto investments will be offered, but only on demand, rather than actively, somehow fits with the complicated relationship and lurch that JPMorgan has had with cryptocurrencies, and Bitcoin in particular, since their inception.