Sumary of JPMorgan Becomes First Big Bank To Give Retail Wealth Clients Access To Crypto Funds:
- Back in September 2017, billionaire JPMorgan CEO Jamie Dimon lashed out at a relatively new – for boomer institutional investors – asset class, bitcoin, which Dimon said “won’t end well,” predicting it will eventually blow up as “it’s a fraud” and “worse than tulip bulbs.
- but as Insider reports today, JPMorgan has become the first major bank to “gave its financial advisors the green light to give all its wealth-management clients access to cryptocurrency funds.
- ” The move applies to all JPMorgan clients seeking investment advice, including its bank’s self-directed clients using its commission-free Chase trading app, mass affluent clients whose assets are managed by financial advisors under JPMorgan Advisors, and ultrarich clients serviced by the private bank.
- The funds JPMorgan has approved include Grayscale’s Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust, and Ethereum Classic vehicles, as well as Osprey Funds’ Bitcoin Trust, Insider reports.