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Bitcoin & Co: JPMorgan’s secret crypto coup




JPMorgan has been granting its customers in the USA access to six different crypto funds since last month, with which they can participate in the price development of Bitcoin and Co. However, the big bank does not want to hang on the big bell.

JPMorgan’s private customers have been able to invest in four Grayscale crypto funds, Osprey’s Bitcoin Trust and a newly launched Bitcoin fund from the New York Digital Investment Group (NYDIG) since July. The latter enables direct access to bitcoins, which are stored in a cold wallet of the crypto company – and is initially only available to the super-rich customers of JPMorgan’s private bank.

According to media reports, shares in the remaining five crypto funds can be acquired by all US customers of JPMorgan’s asset management, including users of the “Chase” trading app, who usually invest independently.

Crypto is only available “under the counter”

However, access to the crypto products is only available on request – the bank’s advisors are not allowed to actively propose or advertise the funds. That reported the portal Business Insider with reference to sources from the company not mentioned by name.

This fact shows that the company still has an ambivalent attitude towards Bitcoin and Co – and that the introduction of the products is probably not entirely of its own free will. When announcing corresponding investment opportunities in April, the major bank referred primarily to the enormous demand for crypto products on the part of customers.

JPMorgan boss Jamie Dimon, who in 2017 still described Bitcoin as a “fraud” and threatened employees who deal with it with the termination, has recently put his tough stance into perspective. But he is still not a supporter of the new asset class, he said in one CNBC-Interview in May.




For Bitcoin and Co as an asset class, the opening of the largest financial institution in the USA to corresponding investment products is still an important signal. Easier access through existing investment channels should boost demand and flush additional capital into the crypto sector.

Bitcoin
(ISIN: CRYPT0000BTC)

This contributes to the positive mood in the crypto market on Friday. Bitcoin can gain more than four percent over a 24-hour period and clearly leave the $ 40,000 mark behind. The chances of a sustainable breakout from the medium-term sideways trend have increased.

In this case, brave newcomers can put their foot in the door again. Invested investors stick with it.

Note on conflict of interests:

The chairman of the board and majority owner of the publisher Börsenmedien AG, Mr. Bernd Förtsch, has taken direct and indirect positions on the following financial instruments mentioned in the publication or related derivatives that benefit from the price development that may result from the publication: Bitcoin.

Author Nikolas Kessler has taken direct and indirect positions on the following financial instruments mentioned in the publication or related derivatives that benefit from any price development resulting from the publication: Bitcoin.

Shares or derivatives that are discussed / mentioned in this article are in the “SHAREHOLDER Depot” of THE SHAREHOLDER.


Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.
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