JPMorgan is involved in marketing a bitcoin spot ETF

Financial giants like BlackRock continue to file spot bitcoin ETF applications with the SEC. They relentlessly edit their files to satisfy the regulator. On a related note, BlackRock has just appointed JPMorgan Securities and Jane Street Capital as authorized entities for its potential ETF. They are responsible for obtaining the underlying Bitcoin. JPMorgan’s involvement is interesting because its CEO Jamie Dimon has continued to publicly denigrate BTC for years.

crypto bitcoin jpmorgan

A subtle and hypocritical criticism of Jamie Dimon

The head of JPMorgan Jamie Dimon has established himself as one of the most vocal critics of Bitcoin and has not hesitated to describe the cryptocurrency as a fraud and a simple tool for criminal activity. He just recently declared that he would “shut down Bitcoin” if he ran the US government.

Despite this sweeping rhetoric, JPMorgan could potentially acquire bitcoin on behalf of BlackRock’s spot ETF if approved. Jamie Dimon therefore, he takes a stance that is paradoxical to say the least, even hypocritical, between his anti-BTC rants and his bank’s commercial involvement.

JPMorgan’s ambitions in the crypto sector

This apparent paradox is actually explained by JPMorgan’s strategy in the crypto sector. If Jamie Dimon publicly denigrates bitcoin, probably out of conservatism, his bank has been very interested in cryptocurrencies and blockchain for several years.

JPMorgan even launched its own digital currency, JPM Coin, in 2019. The bank also offers advisory and crypto portfolio management services starting in 2021. And it is working on using blockchain to improve its services.

So despite its CEO’s statements, JPMorgan is actively involved in the crypto ecosystem. Its potential role as an authorized player on the BlackRock Bitcoin ETF confirms its ambitions in this sector of the future.

JPMorgan’s possible role in a spot bitcoin ETF highlights the discrepancy between the harsh criticism of its CEO Jamie Dimon and the bank’s crypto strategy. Behind public statements, JPMorgan is actually actively positioning itself in this sector. Above all, this seeming paradox exposes the hypocrisy of Jamie Dimon, who tries to denigrate Bitcoin but does not deny the potential profits it can generate.

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The world is evolving and adaptation is the best weapon to survive in this wavy universe. Essentially a crypto community manager, I am interested in anything directly or indirectly related to blockchain and its derivatives. To share my experiences and raise awareness of a field that fascinates me, there is nothing better than writing articles that are both informative and relaxing.

DISCLAIMER OF LIABILITY

The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.

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