The post Bitcoin Breakthrough: JPMorgan to Offer Crypto Services Despite Jamie Dimon’s Past Criticism appeared first on Coinpedia Fintech News
JPMorgan Chase & Co. (NYSE: JPM), a top-tier financial institution with a sprawling global presence, is expanding its crypto offerings led by Bitcoin (BTC). According to a report by Bloomberg, JPMorgan, which manages more than $4.3 trillion in customers’ assets, plans to consider Bitcoin and other digital assets when assessing clients’ overall net worth.
The bank plans to offer loans to wealthy clients through tapping crypto assets, led by BlackRock’s iShares Bitcoin Trust ETF (IBIT), as a collateral.
The adoption of Bitcoin by JPMorgan follows years of resistance from CEO Jamie Dimon. For instance, Dimon called Bitcoin a fraud in 2017, and threatened to close it down in 2023. As Coinpedia previously reported, Dimon recently admitted that investors’ right to own Bitcoin ought to be protected.
Growing Adoption of Bitcoin By Institutional Investors
The mainstream adoption of Bitcoin and digital assets has experienced a sharp uptick in the recent past catalyzed by clear crypto regulations in the United States. Under the Presidency of Donald Trump, the United States has made significant strides towards achieving clear crypto regulations than in the past administrations.
The notable growth of Strategy through its Bitcoin plan has convinced dozens of other companies to follow a similar approach. According to data from BitcoinTreasuries, 223 entities hold more than 3.39 million Bitcoins, representing a 3 percent increase in the past 30 days.
Meanwhile, the U.S. spot Bitcoin ETFs have recorded a cumulative net cash inflow of more than $44 billion and currently hold total assets worth over $128 billion.
Parabolic Rally Next?
BTC price has continued to experience the impact of the supply vs demand shock in the recent past. As the digital gold narrative grows exponentially, Wall Street experts forecast a parabolic rally for Bitcoin in the near future.