J. P. Morgan May Launch Fund To Let Clients Invest In Bitcoin

Investing.com – JPMorgan (NYSE:JPM) is preparing to launch an actively managed Bitcoin fund in what would be one of the unlikeliest embraces of the cryptocurrency, according to a crypto industry publication.

The fund will be for private wealth clients and could roll out this summer, a report by CoinDesk said.

The bank’s investment banking business issued its first crypto-adjacent investment product in March, a structured note tied to the performance of Bitcoin proxy stocks.

The new product will be its first directly tied to Bitcoin’s performance, CoinDesk said.

The move is a sharp departure for the Wall Street giant. CEO Jamie Dimon, whose words carry a lot of weight not just in the U.S. banking industry but outside as well, had called it a “dangerous fraud” in 2017 and had warned that the bank would fire any trader found dealing in Bitcoin or other cryptocurrencies. Read more…..


Chart of the Day

Icarus TV

Warren Buffett’s 7 rules to be a great investor outlines Buffett’s investment strategy. Buffett is CEO of Berkshire Hathaway and one of the most respected value investors ever. This strategy has helped Buffett invest in stocks such as Coca-Cola, American Express, Bank of America, and Apple.

Share This Post

Leave a Reply