JP Morgan, the investment banking giant is reportedly pitching a Bitcoin fund to its private bank clients this week, as per a report in Coindesk. The banking giant had announced its Bitcoin fund in partnership with NYDIG back in April but didnt start offering it to clients until now. The fund was advertised as the safest and cheapest investment option for the clients.
This also marks a change in strategy from JP Morgan towards Bitcoin who have downplayed its demand on several occasions. Now the American banking giant is all set to offer a private Bitcoin fund. The news also comes just weeks after JP Morgan started offering crypto funds to retail wealthy clients.
The CEO of the company Jamie Dimon is a known Bitcoin critic and maintains he is not a big fan of the top cryptocurrency, but at the same has accepted that if clients want to invest in something they would offer it. The wealth management CEO at the bank had recently said that clients see Bitcoin as an asset class.
The megabank had also shown a great interest in Ethereum and Defi market claiming the ETH 2.0 staking could become a multi-billion dollar industry and even suggesting that Ethereum can outperform Bitcoin to become the true store of value.
Investment Giants Continue to Embrace Bitcoin Amid Surging Demand
Several financial giants including known critics have come a full circle this bull season and have started offering Bitcoin and other crypto-investment products. Be it, Goldman Sachs, Bank of America, Wells Fargo, or JP Morgan, the institutional demand has forced these financial giants to get into the game despite regulatory uncertainty around the crypto market.
The institutional demand for Bitcoin continues to soar irrespective of the market momentum. Amid growing demand for regulating the crypto market and passing of the first Bitcoin ETF, wealthy clients continue to invest in crypto while more Wall Street giants embrace Bitcoin.