HomeNewsJamie Dimon Criticizes Bitcoin While JPMorgan Invests in Bitcoin ETFs

Jamie Dimon Criticizes Bitcoin While JPMorgan Invests in Bitcoin ETFs

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  • Jamie Dimon, CEO of JPMorgan, criticised Bitcoin and suggested that the government should shut down the largest cryptocurrency.
  • Grayscale reported significant outflows on its GBTC, while BlackRock’s earnings were insufficient to balance the losses.

JPMorgan Chase, the largest U.S. bank, disclosed its Bitcoin exchange-traded fund (ETF) holdings in a recent report. Despite having just $1.2 million in Bitcoin ETFs, this suggests a broader trend of acceptance for the cryptocurrency among major financial institutions.

Robert Mitchnick from BlackRock noted that large investors, including pension funds, are beginning to explore Bitcoin ETFs. Mitchnick said that despite a slowdown in new investments, demand for Bitcoin exposure remains high.

Other financial institutions are also investing in Bitcoin ETFs. Edmond de Rothschild (Suisse) S.A. owns $4.2 million in shares, and Wells Fargo has also disclosed its Bitcoin ETF holdings.

However, JPMorgan’s CEO, Jamie Dimon, continues to be skeptical about Bitcoin. In December, he suggested that the U.S. government should shut down Bitcoin, calling it a “Ponzi scheme.”

Despite his opposition, JPMorgan created a passively managed Bitcoin fund for its wealthy clients in 2021. The bank was also listed among authorized participants for BlackRock’s record-setting Bitcoin ETF last year.

Bitcoin ETF activity showed varied results on Thursday. Grayscale’s Bitcoin Trust (GBTC) reported outflows of over $43 million, while BlackRock’s relatively smaller inflows of $14.2 million weren’t enough to balance them. Still, Bitcoin prices temporarily rose to $63,000 before declining.

These financial developments highlight that traditional financial institutions are slowly adapting to digital assets despite differing opinions on their stability. JPMorgan’s involvement reflects this gradual shift, even though its CEO remains critical. Ultimately, these contrasting attitudes show the varying views within traditional finance on the future of cryptocurrencies.

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628