JP Morgan, the American Banking behemoth today announced that they would start offering a private Bitcoin fund for their clients starting this summer. As per reports NYDIG, the institutional asset manager would be the custodian of the fund. The said Bitcoin fund would be for private wealth clients.
The banking giant had earlier issued an indirect exposure to bitcoin in March by offering a private fund that tracks the performance of stocks with exposure to Bitcoin such as MicroStrategy and Riot Blockchain. However, the current bitcoin fund would directly trace the price of Bitcoin instead of indirect exposure.
JP Morgan’s decision to start offering Bitcoin funds to its private client marks a complete circle for the banking giant, given it was among the first institution to dismiss BTC as a bubble calling it a speculative asset. Even at the start of this year, the bank had dismissed the idea of offering a Bitcoin tracking fund suggesting the demand wasn’t large enough for them to int
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