According to CoinDesk, JPMorgan Chase CEO Jamie Dimon has consistently criticized cryptocurrencies, calling bitcoin a 'hyped-up fraud' and stating that the only true use case for it is for criminals. Despite his opposition, JPMorgan is now playing a key role in BlackRock's proposed bitcoin (BTC) ETF. If approved, JPMorgan will be one of the authorized participants, responsible for ensuring accurate ETF prices and smooth trading in all market conditions.
In the multi-trillion-dollar ETF industry, JPMorgan's role in BlackRock's product is crucial. This move highlights the potential hypocrisy of Dimon's stance, as the allure of profits often overrides morals in the world of finance. While Wall Street has embraced the ESG movement (short for environmental, social, and governance) in recent years, allowing clients to avoid investments deemed not socially responsible, the bitcoin hype seems too strong for the largest U.S. bank and other traditional finance players like Jane Street and Cantor Fitzgerald to ignore. These firms have also been named authorized participants for bitcoin ETFs.
