ETF Prime podcast host and ETF Institute co-founder Nate Geraci has stated that JPMorgan could surprise the market with a spot Bitcoin ETF and may apply to the U.S. Securities and Exchange Commission (SEC). This statement follows JPMorgan CEO Jamie Dimon’s demand for the U.S. government to eliminate cryptocurrencies, claiming they are only used in criminal activities.
JPMorgan launched its first ETF in 2014, 21 years after the emergence of ETFs. CEO Jamie Dimon is known for his criticism of disruptive ETFs, but he has maintained his confidence in his firm’s services. However, changing investor preferences have also pushed JPMorgan to operate in this area.
JPMorgan, one of the financial giants that entered the cryptocurrency market in 2017, is notably working on JPM Coin for interbank transactions and programmed payments.
In a manner similar to the market-shifting moves by BlackRock and Fidelity on BTC prices, JPMorgan’s quiet preparation and potential application for a Bitcoin ETF could create sensitivity in the market. Despite CEO Jamie Dimon’s stance, it is apparent that JPMorgan wants to benefit from Bitcoin’s recognition and awareness in the traditional finance sector.
JPMorgan CEO Jamie Dimon, speaking at the U.S. Senate Committee on Banking, Housing, and Urban Affairs, criticized cryptocurrencies and stated that if it were up to him, he would shut them down. Dimon’s comments reflect his belief that cryptocurrencies are used by criminals for various illicit activities. However, despite the CEO’s past decisions, his adaptation to general market conditions cannot be overlooked.