Global investment bank JPMorgan is now offering six cryptocurrency investment funds to clients despite its CEO, Jamie Dimon, continually advising against investing in bitcoin and other cryptocurrencies.
JPMorgan Chase has quietly begun giving its wealth management clients access to six cryptocurrency investment funds, CNBC reported Thursday, citing people with knowledge of the move.
On Thursday, the bank’s financial advisors were allowed to begin placing private bank clients into a new bitcoin fund created by crypto firm New York Digital Investment Group (NYDIG), a subsidiary of Stone Ridge, a $10 billion alternative asset manager.
This fund is nearly identical to the one NYDIG offers Morgan Stanley’s clients, the people said. Morgan Stanley began offering three crypto investment funds to clients early this year. They are Galaxy Bitcoin Fund LP, the Galaxy Institutional Bitcoin Fund LP, and FS NYDIG Select Fund.
Last month, JPMorgan began offering five cryptocurrency funds to all clients. Four of the funds are Grayscale Investments’ products: the Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust, and Ethereum Classic Trust. The fifth fund is Osprey Funds’ Bitcoin Trust.
According to CNBC, the sources speaking about the crypto investment offerings declined to be identified, each citing Jamie Dimon’s anti-crypto stance.
The CEO of JPMorgan Chase has been one of the most outspoken critics of bitcoin and cryptocurrencies. He called BTC a fraud back in September 2017 but later regretted making the statement.
As JPMorgan was preparing to offer crypto investment to clients, CEO Dimon publicly advised people to “stay away” from cryptocurrency. While stating that he did not care about bitcoin, the JPMorgan boss admitted that clients are interested.
In July, the bank said that lots of clients see cryptocurrency as an asset class and they want to invest in it.
What do you think about JPMorgan quietly offering clients bitcoin investment funds despite CEO Jamie Dimon advising people to stay away from cryptocurrency? Let us know in the comments section below.