JP Morgan Joins the Bitcoin Line – The Big Reversal

JP Morgan and Chase join in offering their clientele Bitcoin fund. The offering set to start as soon as this summer. JP Morgan is following what Goldman Sachs started a few months ago although Sachs has gone for its wealthy clientele.

The CEO of JP Morgan called Bitcoin “dangerous fraud” back in 2017. He looked at it as something too good to be true. And he said that any trader who is stupid enough to buy it would pay the price in due time.

Although Jamie Dimon the CEO has still not been on the Bitcoin belief last year he is now willing to give it a try.  He has been arguing against government regulations on cryptocurrencies. Dimon has gone to the point of calling Bitcoin “Worse than Tulips.” He has also gone to say it is not his cup of tea and now “A new Products for Clients”.

Bitcoin on a stack of coins with JP Morgan logo on a laptop screen. Cryptocurrency and blockchain adoption getting mainstream. Slovenia - 02 24 2019

Many institutions have now been adopting Bitcoin but it is no longer a piece of exciting news. When Goldman Sachs started allowing Bitcoin trading, people got a little bit excited but now things have changed. Looks like people are revenging for how these institutions treated crypto. When people wanted these major institutions were nowhere to be found so now that they want it, people are not excited.

Gaming giant NEXON has spent around $100 million to acquire Bitcoin. They got excited with how the prices of Bitcoin are going? Maybe but they have joined the course.

Who else with JP Morgan

Players have also adopted Bitcoin. For example, Kansas City Chiefs’ Sean Culkin is getting paid in Bitcoin in 2021.  Culkin is the first NFL player to convert his entire salary of $920,000 into Bitcoin. He will be paid in fiat but the conversion will be done automatically. Russell Okung was the first to convert part of his 2020 salary to Bitcoin. 

Charles Schwab is said to be “Itching” to join the race. Schwab is not sure about the regulations that are coming with the cryptocurrency. Hoping that the new U.S SEC chair Gary Gensler will bring the wait to an end. 

Clients at Schwab are willing to venture but they can’t be allowed to go in if the rules are not specified by the SEC. Given the green light, Schwab will invest trillions in crypto.

BNY Mellon has announced creating a new Digital Assets Unit dedicated to building the first multi-asset custody admin platform for both traditional and digital assets. This is due to the rising interest by clients according to the company CEO Roman Regelman.

It is Time!

Crypto has grown. It is not worth pennies anymore. EX-US Comptroller Brian Brooks has come out to confirm that crypto is at levels the government cannot eradicate. $2 trillion market cap is not something that can crumble in a day.

But time has come for the US SEC to come out with clear regulations about crypto so investing in it can be easier. Although some companies like Tesla have decided to ignore all that and dive deep, some are still reluctant.

Coinbase has gone ahead to list on NASDAQ another reason to assure users that crypto is becoming safer every day.

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