The Biggest US Bank's Sudden Change of Heart Called a Scam... Bitcoin Surges 7%

JP Morgan to Sell Bitcoin-Related Funds to Individual Clients
Goldman Sachs and BlackRock Join Banks Allowing Bitcoin Investments

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] Reports have emerged that the largest U.S. bank, JP Morgan, will allow individual clients to purchase Bitcoin investment funds. This confirms that Bitcoin is accelerating its integration into the mainstream financial industry, and Bitcoin prices are showing strength.

Cryptocurrency specialized media CoinDesk reported on the 26th (local time) that JP Morgan decided to allow customer access to Bitcoin, conscious of its competitor Morgan Stanley, which has actively started dealing with Bitcoin. Accordingly, from the second half of this year, JP Morgan's personal wealth management clients are expected to be able to invest in Bitcoin-related funds.

JP Morgan's sudden shift is particularly notable. JP Morgan has actively criticized Bitcoin in the past.

As recently as the 20th, Nikolaos Panigirtzoglou, JP Morgan's chief strategist, warned that "Bitcoin's upward momentum could end."

Jamie Dimon, CEO of JP Morgan, was the figure who called Bitcoin a fraud in 2017 and said he would fire traders who dealt with it. In a recent letter to shareholders, Dimon stated that regulations to prepare for the rapid growth of fintech, including Bitcoin, are problematic. He mentioned that large banks are being discriminated against in the digital finance sector such as cryptocurrencies.

Before JP Morgan, Goldman Sachs and BlackRock also set aside their negative views on Bitcoin and are selling it to clients as a promising asset.

Last week, Venmo, a leading U.S. online remittance service, added the function to purchase cryptocurrencies including Bitcoin.

Meanwhile, on this day, Bitcoin was trading around $53,500, up 7% compared to 24 hours earlier. After plunging 5% the previous day to the $47,000 range, it expanded its rebound and surpassed the $50,000 mark, followed by the $52,000 level, which was considered an important support line.

The stock price of Coinbase, a cryptocurrency exchange that had fallen for five consecutive days last week, also rebounded and recovered to the $300 level.

This content was produced with the assistance of AI translation services.