According to CoinDesk, JPMorgan Chase CEO Jamie Dimon has long been critical of cryptocurrencies, stating that their only true use case is for criminals and suggesting that the government should shut them down. However, it appears that JPMorgan is now embracing the world of crypto, as the bank is set to play a key role in BlackRock's proposed bitcoin ETF. If approved, JPMorgan will be one of the authorized participants, responsible for ensuring accurate ETF prices and smooth trading in all market conditions.
This move by JPMorgan seems to contradict Dimon's stance and highlights the allure of profits in the finance industry, which can often override moral concerns. While Wall Street has recently embraced the ESG movement, allowing clients to avoid investments deemed not socially responsible, the hype surrounding bitcoin appears too strong for major financial institutions like JPMorgan, Jane Street, and Cantor Fitzgerald to ignore. All three have been named authorized participants for bitcoin ETFs.
