News recently broke that JPMorgan would begin offering its clients a number of digital asset investment opportunities including Grayscale and Osprey funds, but now it wants to offer its own for its private bank clients.
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Two anonymous sources have told Coindesk that the bank is creating its own passively managed crypto fund in a partnership with NYDIG. The sources said that the fund would be the "safest and cheapest Bitcoin investment vehicle available on the private markets."
The sources noted that the fund would end up being an easy port to an ETF once regulatory approval is passed by the SEC. While JPMorgan does not currently have an application for a Bitcoin or crypto ETF, this fund could become such a product after the SEC begins approving them.
This news is in stark contrast to that of Jamie Dimon, the CEO of JPMorgan, who once called Bitcoin worse than tulip bulbs and that eventually, it would die off during a CNBC institutional investor conference.
“It’s worse than tulip bulbs. It won’t end well. Someone is going to get killed, said Dimon. "It’s just not a real thing, eventually it will be closed.”