Bitcoin's Rise: JPMorgan CEO's U-Turn as Bank Takes Center Stage in Crypto ETF
Dec 31, 2023
JPMorgan Chase CEO Jamie Dimon, who has consistently criticised cryptocurrencies, including referring to Bitcoin as a 'hyped-up fraud,' now finds his bank playing a crucial role in BlackRock's proposed Bitcoin ETF. If approved, JPMorgan will be among the authorised participants responsible for ensuring accurate ETF prices and facilitating smooth trading, marking a notable shift in the bank's approach to cryptocurrencies. This development underscores the financial industry's pragmatic stance, where the potential for profits often overrides moral reservations, while also highlighting the increasing significance of Bitcoin and other cryptocurrencies in traditional finance, even as Wall Street embraces ethical investment practices through the ESG movement.