This week of Fintech Fridays, we will be diving into global investment bank J.P.Morgan’s decision to grant its advisors to allow investors to plunge into the world of cryptocurrency and what it means for the future of investing. Once thought of as an asset class that has no productive use besides the act of transferring funds, through the emergence of various altcoins that deliver blockchain solutions, the public are easing their hostile impression. Once sharing his defensive outlook in 2017, Jamie Dimon called Bitcoin a fraud and also said he'd "fire in a second" any JP Morgan trader who was trading Bitcoin, noting two reasons: "It's against our rules and they are stupid." Taking a sharp turn last Friday, where the 3 trillion bank has authorised and created 5 different cryptocurrency funds that would be actively managed by its traders. This marks the first time an investment bank of this magnitude allowed client demand to change its rules.
This week of Fintech Fridays, we will be diving into global investment bank J.P. Morgan’s decision to grant its advisors to allow investors to plunge into the world of cryptocurrency and what it means for the future of investing. Once thought of as an asset class that has no productive use besides the act of transferring funds, through the emergence of various altcoins that deliver blockchain solutions, the public are easing their hostile impression. Once sharing his defensive outlook in 2017, Jamie Dimon called Bitcoin a fraud and also said he'd "fire in a second" any JP Morgan trader who was trading Bitcoin, noting two reasons: "It's against our rules and they are stupid." Taking a sharp turn last Friday, where the 3 trillion bank has authorised and created 5 different cryptocurrency funds that would be actively managed by its traders. This marks the first time an investment bank of this magnitude allowed client demand to change its rules. to recognise that even a prestigious firm such as J.P.Morgan has recognised they need these users to use their platform. Following this news, a bullish run has occurred from $29,711 USD (21 July) to $32,083 USD (32 July), roughly a 9% return.
References:
https://news.bitcoin.com/jpmorgan-begins-offering-5-cryptocurrency-funds/
https://www.coindesk.com/podcasts/the-breakdown-with-nlw/jpmorgan-bitcoin-institutional-wealth
The views expressed within this article are those of the authors and do not represent the views of the Finance Student's Association. All images and references in this article are for fair and educational purposes only. The content in this article is not intended as legal, financial or investment advice and should not be construed or relied on as such.