JPMorgan Quietly Offers 6 Crypto Investments Despite CEO Jamie Dimon’s Anti-Bitcoin Stance

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Global investment bank JPMorgan now offers six cryptocurrency investment funds to its clients despite its CEO, Jamie Dimon, continually advising against investing in bitcoin and other cryptocurrencies.

JPMorgan Chase has quietly started giving its wealth management clients access to six cryptocurrency investment funds, CNBC reported Thursday, citing people with knowledge of the movement. On Thursday, the bank’s financial advisers were allowed to begin placing private bank clients in a new bitcoin fund created by crypto firm New York Digital Investment Group (NYDIG), a subsidiary of Stone Ridge, a manager of alternative assets of $ 10 billion. This fund is almost identical to the one NYDIG offers to Morgan Stanley clients, the people said. Morgan Stanley began offering three crypto investment funds to its clients earlier this year. These are Galaxy Bitcoin Fund LP, Galaxy Institutional Bitcoin Fund LP and FS NYDIG Select Fund. Last month, JPMorgan started offering five cryptocurrency funds to all of its customers. Four of the funds are products of Grayscale Investments: the Bitcoin Trust, the Bitcoin Cash Trust, the Ethereum Trust, and the Ethereum Classic Trust. The fifth fund is Bitcoin Trust from Osprey Funds. According to CNBC, sources talking about the crypto investment offers declined to be identified, each citing Jamie Dimon’s anti-crypto stance. JPMorgan CEO Chase has been one of the most vocal critics of bitcoin and cryptocurrencies. He called BTC a fraud in September 2017, but later regretted making that statement. As JPMorgan prepared to offer crypto investments to its clients, CEO Dimon publicly advised people to “stay away” from cryptocurrency. While saying he doesn’t care about bitcoin, the JPMorgan boss admitted that customers are interested. In July, the bank said many customers view cryptocurrency as an asset class and want to invest in it.

What do you think about the fact that JPMorgan is quietly offering its clients bitcoin investment funds despite CEO Jamie Dimon advising people to stay away from cryptocurrency? Let us know in the comments section below.

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