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Host of the ETF Prime podcast and co-founder of the ETF Institute, Nate Geraci, made a statement on Thursday. In his statement, he mentioned that JPMorgan could make a breakthrough with a spot Bitcoin ETF and surprise the world by applying to the US SEC. This comment came after a statement made by JPMorgan CEO Jamie Dimon, who asked the US government to crush crypto and claimed that its only use case is to promote crime.
Spot Bitcoin ETF from JPMorgan
Nate Geraci made a statement on December 7th. He indicated that JPMorgan could launch a spot Bitcoin ETF with a radical decision, or alternatively, assist its wealth management clients in investing in Bitcoin.
JPMorgan launched its first ETF in 2014, 21 years after the emergence of ETFs. CEO Jamie Dimon is known for being highly critical of destructive ETFs over the years while remaining confident in his services. However, the shift in investor preference towards ETFs has also pushed JPMorgan to operate in this area.
JPMorgan was one of the pioneering financial giants to enter the crypto market during the 2021 bull run. It’s also important to remember JPM Coin, which is being explored for interbank transactions and programmed payments.
The possibility of JPMorgan quietly filing and applying for a Bitcoin ETF, similar to the moves by BlackRock and Fidelity that completely changed the direction of BTC prices, could drive market sensitivity. Despite CEO Jamie Dimon’s stance, it seems like JPMorgan wants to capitalize on the recognition and awareness of Bitcoin in the traditional financial sector.
JPMorgan CEO Jamie Dimon Criticizes Crypto
During a hearing at the United States Senate Committee on Banking, Housing, and Urban Affairs, JPMorgan CEO Jamie Dimon lashed out at crypto and made the following statement:
“If I were the government, I would shut it down.”
Dimon’s comment is based on his belief that criminals use crypto for drug trafficking, money laundering, tax evasion, and other crimes. Nevertheless, it’s hard to ignore the fact that the CEO has, in the past, adapted to the overall market despite his previous decisions.
