JPMorgan can shock the market by making use of with the U.S. SEC to launch a spot Bitcoin ETF, stated Nate Geraci, host of ETF Prime podcast and co-founder of ETF Institute, on Thursday. The remark got here in response to JPMorgan CEO Jamie Dimon asking the US authorities to crush crypto, saying that crypto’s solely use case is to advertise crime.
Spot Bitcoin ETF By JPMorgan
Nate Geraci took to X on December 7 mentioning that JPMorgan may launch a spot Bitcoin ETF or make it straightforward for its wealth administration shoppers to put money into Bitcoin. However, the monetary large is unlikely to miss Bitcoin and crypto because the demand rises amongst institutional traders and household places of work.
JPMorgan launched its first ETF in 2014, 21 years after the launch of first ETF. The firm and CEO Jamie Dimon had been towards the extremely disruptive ETFs and relied on its companies. However, traders slowly turned to ETFs and JPMorgan adopted.
JPMorgan was one of many first monetary giants to step into the business through the 2021 crypto market bull run. JPMorgan has its personal JPM Coin to settle transactions, with now exploring cross-bank transactions and programmed payments.
JPMorgan’s silently submitting spot Bitcoin ETF utility may occur just like BlackRock and Fidelity filings that fully modified the market sentiment and BTC worth route. CEO Jamie Dimon wish to capitalize on the Bitcoin adoption within the conventional finance business.
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JPMorgan CEO Jamie Dimon Criticized Crypto
During a listening to on the United States Senate Committee on Banking, Housing, and Urban Affairs, JPMorgan CEO Jamie Dimon lashed out at crypto. He added “If I were the government, I’d close it down.”
His remark got here in response to his perception that criminals use crypto for drug trafficking, cash laundering, tax avoidance, and different crimes.
Also Read: Bitcoin (BTC) CME Gap At $39,700, Is It Good Or Bad News For Investors?
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