JPMorgan Chase & Co. is poised to join the parade of big banks offering clients access to a bitcoin fund, according to a news report Monday. The move would give wealthy clients access to an actively managed bitcoin fund for the summer, with JPM bank, + 0.79% recruiting NYDIG, an institutional technology and financial services company dedicated to bitcoin, to act as custodian, it reported. CoinDesk, citing people familiar with the situation. JPMorgan Chase declined to comment.
It would also come after Morgan Stanley MS, + 1.06% began offering clients access to a bitcoin fund in March. Goldman Sachs also plans to help wealthy clients invest in digital assets, Barron’s reported in March. JPMorgan Chief Executive Officer Jamie Dimon was once one of Wall Street‘s most vociferous critics of cryptocurrency, calling bitcoin a “fraud” in 2017 and comparing it unfavorably to the tulip bubble of the 17th century. Subsequently, Dimon toned down his criticism of Bitcoin. And other Wall Street skeptics have also softened their rhetoric. Keywords: ‘I’ve learned how much I don’t know’ about bitcoin, says investor Howard Marks Cryptocurrency advocates argue that more widespread adoption of digital assets justifies the price surge, which saw bitcoin BTCUSD, + 12.69 % top $ 60,000 earlier this month. Bitcoin and other cryptocurrencies have seen characteristically volatile price action in recent weeks, with bitcoin falling below $ 50,000 last week and posting its worst weekly performance since March 2020. Bitcoin returned to the upside on Monday, rising from 12.9% in the last 24 hours at $ 54,262.