According to the latest news, provided by Business Insider, the conversion of JPMorgan Chase on cryptocurrency is now complete. The US investment bank, in fact, would have offered all its customers the opportunity to trade digital assets, the same one that was previously reserved for a few of them. The news is contained in a reminder that was sent to the bank's advisors, under which they can now take orders on five crypto products. Four of them refer to Grayscale Investments (Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust ed Ethereum Classic), while the fifth, Bitcoin Trust, is managed by Osprey Funds. The same consultants will not be able to advise their customers, but will still be able to carry out any orders from the same. It's about a novelty of no small importance, consider JPMorgan Chase's early positions on virtual money.
JPMorgan: a major change of course
Until now, JPMorgan Chase clients had reserved cryptocurrency trading exclusively for private asset clients. A concession which, moreover, had been quite sensational, if we consider the Jamie Dimon, the CEO of the investment bank, stormy relations with Bitcoin. He defined it a few years ago as a real scam. So much so as to go so far as to warn the consultants not to treat him, under penalty of immediate dismissal. Over time this position has definitely watered down and the bank itself has taken note of it. Enough to arrive at its own token, JP Coin, a dollar-pegged stablecoin used for institutional payments to its customers.
Why did JPMorgan completely change their positions?
The reversal of JPMorgan's positions on cryptocurrencies has naturally caused many analysts to wonder what this is due to. It should be emphasized that as of November 30, a report by his analysts had expressed strong doubts about the possibility of a transformation of Bitcoin into digital gold. Linking it in particular to the particular role assumed by the Grayscale Bitcoin Trust in the framework of an institutional interest in BTC.
While another study developed within the bank, this time by Nikolaos Panigirtzoglou, had in turn stated in early June that the cryptographic icon's moment of weakness was far from over.
Opinions which, apparently, did not however have repercussions on the strategy decided by the bank. Which has opted for the expansion of the offer of cryptocurrencies to customers, clearly believing that they can be an interesting asset.
After JPMorgan will it also be the turn of the others?
JPMorgan's decision was followed by considerable uproar. Especially since such a move could soon forcing the competition to respond, in turn opening up to digital assets. All of which could benefit enormously from the new situation.
The interest of institutional investors is indeed very important and could allow cryptocurrencies to dispose of that still dubious reputation that continues to weigh them down. Ultimately transforming them into one of the many investment assets that can find a place within an institutional portfolio. Thus finding also shelter from the fury of a policy which, on the contrary, continues to look towards them with undisguised distrust. As demonstrated by the continuous attacks from some sections of the federal government, which have intensified over the past few months.