JP Morgan, which is an American bank, was up to their skiff, commenting any chance they get against the idea of cryptocurrencies and even called Bitcoin a fraud scheme that was there to rob investors and people of their money. But now see how the times have turned, and JP Morgan has also come around the idea of cryptocurrencies by reassessing their financial priorities. Earlier it was decided that they will provide crypto trading-related services to their elite clientele, and then the talks of rolling out their first Bitcoin fund were out in the open.
The JP Morgan Chase group has not officially confirmed it, but there are reports and sources provided by CoinDesk that the Bitcoin funds are in the works and will be made available to wealthy clients at the moment. These wealthy investors and clients of JP Morgan Chase will test the funds, use these to invest and trade in real-time with Bitcoin and see how well it does for them. The current requirement to get your hands on this fund is to have enough money present in your JP Morgan Chase bank account, which would make you eligible to have a fair piece of this new fund. If everything works out, then the entirety of this fund will be extended to other clients as well, but given the volatility of the crypto market and the current crash that Bitcoin is going through, it seems highly unlikely.
Bitcoin Fund Coming Soon
That is why JP Morgan is trying out this fund with the high-profile and wealthy clients that can afford to go through with it even if things don’t pan out as intended. The process of paying back the crypto taken from the fund will then be talked about/discussed by the client and JP Morgan Chase staff.
JP Morgan Chase, if they could work out this Bitcoin fund and make the best of it, then they would become the first American bank to be working with Bitcoin as an official asset. It is only feasible that other banks and financial institutions will be chiming into it if this fund works out. Before long multiple funds will start and be made available; let’s hope the decentralized essence of this whole scenario doesn’t get dissolved in all that.