Nate Geraci hinted via Platform X on December 7, 2023 that JP Morgan might launch a Bitcoin. Indirectly, it could make things easier for financial investors or asset management clients to invest in BTC. Additionally, this statement included a comment about JP Morgan CEO Jamie Dimon calling on the US government to abolish cryptocurrencies, claiming that the main use case of cryptocurrencies is to increase crime.
First ETF from Morgan
After 21 years since the launch of the first ETF, JP Morgan launched its first ETF in 2014. The company and its CEO Jamie Dimon rejected the highly disruptive ETFs and instead relied on its services. However, investors gradually switched to ETFs, and JPMorgan followed suit. During the 2021 crypto market bull run, JPMorgan was one of the first banking giants to enter the field. JPMorgan has its own JPM Coin for transaction processing and is currently reviewing cross-bank transactions and programmed payments. JPMorgan’s secretly filed spot Bitcoin ETF application could follow in the footsteps of BlackRock and Fidelity’s registrations, which drastically changed market sentiment and BTC price direction. CEO Jamie Dimon wants to benefit from the adoption of Bitcoin in traditional finance.
Morgan’s CEO on crypto
JPMorgan CEO Jamie Dimon expressed his strong opposition to cryptocurrencies during a hearing before the US Senate Committee on Banking, Housing and Urban Affairs. He said: “If I were the government I would shut it down.”
His remark came in response to his view that criminals are using cryptocurrencies for drug trafficking, money laundering, tax evasion and other illegal activities.
