JPMorgan is preparing to offer its wealthy customers a bitcoin fund, thus becoming the last and at the same time the largest American bank to adopt cryptocurrencies as assets.
JPMorgan’s bitcoin fund could be activated this summer, two sources told CoinDesk. The management of the fund will be active in contrast to the passive choice of fanatical supporters of crypto, such as Pantera Capital and Galaxy Digital, which allowed wealthy customers to buy and sell bitcoin through funds, without ever “touching” them. Galaxy and NYDIG now offer bitcoin funds to Morgan Stanley customers.
JPMorgan’s move is a major turning point for the bank, whose chief executive, Jamie Dimon, described bitcoin as a dangerous scam in 2017, threatening to “immediately fire” any stockbroker involved. “If you are stupid enough, you will pay the price one day,” he said at the time.
The new fund program will be its first, directly dependent on the crypto’s performance.