JPMorgan, one of the largest US investment banks, has opened its wealth management clients access to five cryptocurrency funds at once. Financial advisors were allowed to begin placing private bank clients’ funds into four Grayscale funds – Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust and Ethereum Classic Trust, as well as in the Osprey Bitcoin Trust fund.
According to information provided by Business Insider, all JPMorgan clients will be able to use the new feature, including users of the Chase trading application, whose assets are managed by JPMorgan Advisors, as well as a separate category of super-rich clients of the bank. In the first days of work, the majority invested in BTC. After the bank has changed its stance on bitcoin and other cryptocurrencies. speculators started considering BTC an asset class. Therefore, demand for it rose even higher.
The moves by JPMorgan, the biggest US bank by assets, indicate that Wall Street’s years-long reluctance to deal with cryptocurrencies is over. Besides, traders recalled with a smile the words of JPMorgan CEO Jamie Dimon who called BTC a fraud. Speaking at the Financial Services Committee of the US House of Representatives, he advised staying away from cryptocurrencies. However, later, Dimon had to explain himself. He said that this was his personal opinion and it would not affect JPMorgan's work with digital assets in any way.
