JPMorgan has announced that it will accept Bitcoin and other crypto ETFs for collateral on loans. It is the latest major move by banks in their continued embrace of cryptocurrency. The $3.6 trillion asset management firm will indeed begin to provide funding against BlackRock’s iShares Bitcoin Trust. Bloomberg.
This decision is in line with the growing interest for cryptocurrency within traditional finance. JPMorgan CEO Jamie Dimon The firm has been long sceptical about Bitcoin and other cryptocurrency. The firm continues to integrate this asset class in its offering and has been doing so for the past year.
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JPMorgan Offers Financing for Bitcoin ETFs In Landmark Decision
In the United States, a major policy shift has been made in regard to the crypto-market. US President Donald Trump Has emerged as the most pro-crypto Commander-in Chief in the history of the country. His appointment has centered the focus of the administration on a favorable regulatory environment for crypto assets.
It has forced banks in the past to change their business models. So, there has been a shift towards integration and adoption. JPMorgan, for example, has been a major player in this trend, accepting Bitcoin and crypto-ETFs as collateral.
Source: Fortune
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Bloomberg reported that the exchange would start offering finance options for those who are not able to pay their debts. Bitcoin ETFs “in the coming weeks,” Sources confirm this. Moreover, wealth managers will begin accounting for crypto-holdings of clients. “assessing their overall net worth and liquid assets,” In another significant development.
It shows the bank’s intention to treat cryptocurrencies as if they were stocks, or other assets of similar nature. This is surprising, given Jamie Dimon’s previous stance towards the cryptocurrency. It’s not surprising that the move was made, considering Jamie Dimon is JPMorgan CEO. January of this year He called Bitcoin an “Ponzi scheme” It has no value. It has since reached a record high of $111,000 and is now integral to the operations of the bank.
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Source: watcher.guru
