JP Morgan Flip-Flops: Launches Bitcoin Fund

pIn what can only be considered the largest flipflops of opinion by any financial institution this decade JP Morgan has walked back their harsh criticism of Bitcoin and is now launching a new Bitcoin investment productppWith overnbspa hrefhttpspillarwmcomwealthmanagementjpmorgan targetblank trillionanbspin assets under management as of JP Morgan is one of the largest investment banks in the world In JP Morgan CEO Jamie Diamond made headlines tagging bitcoin asnbspanbspldquofraudrdquonbspanbspquotterrible store of valuequotnbspand even went as far as to call it ldquoa hrefhttpswwwcityamcomjpmorganchiefsayswewillhavetobeinvolvedwithbitcoin targetblankworse than tulip bulbsardquo and that he would fire any JP Morgan trader caught trading Bitcoin This was met with harsh criticism from the Bitcoin community when shortly after making those announcements the company took a position in Bitcoin capitalizing on the selfinduced dip However since that time the company has dramatically softened its toneppOn the February Daniel Pinto the copresident of JP Morgan Chase said thatnbspquotthe institution will have to be involvedquotnbspin cryptocurrenciesnbspEither due to the explosive growth of Bitcoin or the tens of thousands of angry customers that they neglected to offer the asset JP Morgan has finally come around albeit with their tail between their legsppnbspppstrongWhat You Need to KnowstrongpulliThe fund will be an actively managed Bitcoin fundliliNYDIG will be serving as the custodian for the fundliliIt is slated to roll out later this summerliliThe fund will be reserved strictly for private wealth clientsliulpnbspppstrongWhat this Means for CryptostrongppWhile crypto heads can take solace in the fact that they can say quotI told you soquot to JP Morgan this move actually represents a much larger tectonic shift in the way financial institutions are looking at Bitcoin However cold and bearish they may have seemed in the past the sheer amount of consumer demand for the asset will ultimately force the hand of any financial institution that wants to survive It is no longer risky to hold Bitcoin now its riskier not top