Crypto Investments is growing day by day, and people are showing positive interest in them. And even JPMorgan roped in as it starts 6 crypto investments via their firm. This happened although, Jamie Dimon, the CEO of the firm is strictly and continuously stands against investing in bitcoin. And not just bitcoin; he is against every cryptocurrency that most people invest in.
Why JPMorgan went for crypto investments?
As we all know that JPMorgan is one of the best global investment banks in the world. But due to the doubts around cryptocurrency being the correct form of finance, CEO Jamie Dimon could not get on board with the idea of investing in it. But the firm believes that cryptocurrency will benefit in the long run and has quietly begun giving wealth management clients access to six crypto funds.
A few days back, private bank clients were given access to a new bitcoin fund. And New York Digital Investment Group is behind creating the new bitcoin fund. It is a subsidiary of Stone Ridge, an asset manager.
There is no such difference between what NYDIG offer Morgan Stanley’s clients, many people reported. The firm Morgan Stanley also believes and has positive faith in cryptocurrency. So, earlier this year, the firm also started giving its clients access to three crypto investment funds. The funds are:- Galaxy Bitcoin Fund LP, FS NYDIG Select Fund, and Galaxy Institutional Bitcoin Fund LP.
So, we can easily see that as many global investment banks are already stepping into cryptocurrency and crypto funds, it’s time that JPMorgan sees the benefits as well. I can say that once you understand the true potential of crypto investment, you shouldn’t even have any second thoughts about investing in it.
JPMorgan and CEO’s ideology clash
According to many news channels, the sources says that many cryptocurrency-related investment offerings were often declined. And this was because of Jamie Dimon’s anti-BTC stance. Dimon always actively criticized the growing craze of cryptocurrency all the time. Once in September 2017, he even started blabbering that Bitcoin is a complete fraud. Although due to rising controversies, he shows regrets about making such a statement.
JPMorgan positively started announcing its interest in offering crypto funds to its clients. And the CEO constantly tried to make people understand that it’s unnecessary and stay away from it completely. Dimon further mentions he doesn’t care about bitcoin or any cryptocurrency, but JPMorgan Boss says their clients are interested. And from my point of view, I guess a business can be successful only if it knows how to make a profit and how to manage it. And that comes from your loyal clients.
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