Banking giant, JPMorgan Chase, is set to introduce a Bitcoin (BTC) trading fund for its wealthy and influential clients. The BTC trading fund will give exclusive customers and wealth management clients of the bank the opportunity to trade with Bitcoin.
Reports claim that the financial institution will partner with Bitcoin powerhouse NYDIG, to manage the fund.
The bank first proposed the fund in April, referring to the idea as the cheapest and safest investment option in the private market. Nonetheless, the bank will convert to an exchange-traded fund soon, as it is treading in the path of other organizations in trying to get the SEC to approve their ETF.
As an institution whose CEO is known to be skeptical about crypto, it claims that the launch of the trading fund is based on requests from prominent clients. The CEO, Jamie Dimon, once commented on his view towards BTC,
“I don’t really care about Bitcoin…I have no interest in it. On the other hand, clients are interested, and I don’t tell clients what to do.”
However, when Square and PayPal adopted Bitcoin into their offerings, JPMorgan began to open its arms. Additionally, a group of analysts from JPMorgan’s Global Markets Strategy group began research on the younger generation’s craze for BTC investments compared to gold. The analysts’ conclusion proved BTC’s prospects would get better because, unlike gold, Bitcoin is a payment mechanism.
