JPMorgan Chase, the largest bank in the US, has said that it owns Bitcoin exchange-traded funds (ETFs). This is an interesting move that shows how Wall Street is changing its mind about cryptocurrencies. Some people are becoming more interested in Bitcoin, but CEO Jamie Dimon still doesn’t like it.
According to the bank’s most recent report, it has $1.2 million in BTC ETFs. When compared to JPMorgan’s main business, this number may not seem like much, but it shows that the bank has changed how it handles digital assets in a significant way.
Major financial companies, like BlackRock, are showing interest in BTC ETFs at the same time that this information comes out. Robert Mitchnick of BlackRock recently said that ETFs will be a way for pension funds and other institutional buyers to get into the BTC market. Even though new currency has been coming in less quickly lately, Mitchnick is still optimistic about the future desire for BTC exposure.
Bitcoin Attracts Institutional Investors
It is said that Edmond de Rothschild (Suisse) S.A. has invested $4.2 million in Bitcoin ETFs, which shows that standard financial institutions are becoming more open to cryptocurrencies. Wells Fargo, another big US bank, has also said that it owns Bitcoin ETFs. This makes it even more large players in the market.
However, Jamie Dimon, the outspoken CEO of JPMorgan, still doesn’t trust BTC. Dimon has said in the past that cryptocurrencies should be regulated or even shut down by the government. He called Bitcoin a “Ponzi scheme.” Even though these things were said, JPMorgan started a passively managed Bitcoin fund for its high-net-worth clients in 2021 and was an official participant in BlackRock’s groundbreaking BTC ETF offering.
Recent data showed various patterns, indicating that individuals have various opinions regarding Bitcoin ETFs. Over $43 million worth of GBTC left Grayscale, but only $14.2 million worth of GBTC came into BlackRock after leaving. Even so, Bitcoin was able to get back on track and hit $63,000 before going down again.
It became clear that JPMorgan had positions in BTC ETFs. This shows how difficult and always-changing the relationship is between large banks and the growing cryptocurrency market. Some people are excited about what digital assets can do, but others are still not sure. This shows that Wall Street is still not sure what will happen with cryptocurrencies in the future.
