Jamie Dimon, CEO of JPMorgan Chase, has been betting on cryptocurrencies for years.
“I have always been a strong opponent of crypto, Bitcoin, etc.,” he said during a U.S. Senate hearing this month. “The only real use case for this is criminals,” he added. “If I were the government, I would shut it down.”
But this reprimand and the reprimands that precede it are now more of a do what I say rather than what I do situation. This is because JPMorgan is moving deeper into the crypto industry. On Friday, it was announced that the bank would play a key role in BlackRock's proposed Bitcoin (BTC) ETF.
JPMorgan will be one of its authorized participants if the ETF is approved. According to BlackRock, this includes “ensuring that ETF prices are accurate and trading runs smoothly in all market conditions.” In the multi-trillion-dollar ETF industry, there are few jobs more important than the one JPMorgan will play for BlackRock's product.
Given Dimon's stance, it's not hypocrisy, but it's almost.
In the world of finance, the allure of profit has always had the ability to override morality, although in recent years Wall Street has embraced the ESG (short for environmental, social and governance) movement, allowing clients to invest to keep away from investments are not considered socially responsible.
However, at least for now, the Bitcoin hype is too big for the largest U.S. bank — as well as other traditional financial players like Jane Street and Cantor Fitzgerald, who have also been named authorized participants for Bitcoin ETFs — to ignore.
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