JPMorgan Chase, one of the biggest financial conglomerates in the world, could be preparing to roll out a Bitcoin fund in the summer, according to CoinDesk.
Despite the dislike of the company’s Chief Executive Officer (CEO) Jamie Dimon, who has in the past referred to the biggest cryptocurrency as a “fraud”, a source told cryptocurrency news outlet CoinDesk that NYDIG could serve as the custody provider for the fund.
According to more sources, the fund would be actively managed, representing a shift in the approach of the traditional finance industry in the United States, which has been dominated by companies like Galaxy and NYDIG.
While it is expected that the fund could be available as soon as summer, it would only be available for private wealth clients of the $3 trillion-valued institution.
While Dimon’s views on Bitcoin have changed after the original comments in 2017, then telling Fox Business that he believed in the technology and regretted calling it a fraud, with the institution he directs then launching its own blockchain-based system.
With JPMorgan possibly joining the likes of Morgan Stanley’s approach to the cryptocurrency market, the ecosystem is likely to enjoy added legitimacy among institutional investors which could result in an increase in market capitalization and integration on current economic systems.
Bitcoin Bounces to $54k As Market Recovers
After reaching its lowest value ($47.4k) in the last 2 weeks back on April 25th, Bitcoin has bounced to reach the $54k mark, making what seems to be the recovery among the crypto market recent rout.
While the cryptocurrency is still far from its all-time high of $64.8k of April 14th, experts believe that the bounce should continue during the upcoming week but it is still likely to meet resistance around the $62 mark.
Bitcoin’s bounce is expected to have an impact on the rest of the crypto market, which despite a constant process of decoupling is still highly influenceable by the biggest…