[Bitcoin Now] Rises to 46 Million Won Range... JP Morgan Decides to Sell New Cryptocurrency Fund

Since 2017, JP Morgan skeptical of Bitcoin
CNBC "Signal of Wall Street's end to Bitcoin rejection"

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin has risen to the 46 million KRW range. This is interpreted as having a positive impact from the approval of the sale of a new cryptocurrency fund by the US major investment bank JP Morgan, which had been skeptical about Bitcoin.

According to the domestic cryptocurrency exchange Upbit, as of 7:23 PM on the 6th, Bitcoin recorded 46.89 million KRW, down 0.46% compared to the previous day. It had fallen to 43.84 million KRW at 9:46 PM the previous day but then rose. It also rose to 47.65 million KRW at 4:13 AM that day.

The news of JP Morgan's additional entry into the cryptocurrency market acted as a positive factor. According to the US economic media CNBC on the 5th (local time), JP Morgan decided to sell a new Bitcoin fund created together with the cryptocurrency specialist investment firm New York Digital Investment Group (NYDIG) to institutional investors and ultra-high-net-worth clients using private banking (PB). This product is a passive fund that generates returns equivalent to the index growth rate based on market data provided by NYDIG.

JP Morgan has shown a skeptical stance toward Bitcoin in the past. Since 2017, Jamie Dimon, CEO of JP Morgan, has harshly criticized Bitcoin, saying it is "nonsense used by drug dealers, criminals, and North Korean residents." Recently, he also stated that he has no interest in Bitcoin.

However, JP Morgan's stance has gradually changed this year. In April, JP Morgan announced that it would launch an active Bitcoin fund for institutional investors this summer. An active fund is an investment product managed by adjusting investment proportions and stocks to seek excess returns compared to a benchmark index. However, it appears that the plan was revised to a passive fund for reasons of stability. CNBC claimed, "JP Morgan's recent move signifies the end of Wall Street's aversion to Bitcoin."

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