Financial giants like BlackRock continue to file spot bitcoin ETF applications with the SEC. They tirelessly modify their files to satisfy the regulator. In this context, BlackRock has just named JPMorgan Securities and Jane Street Capital as authorized actors for its potential ETF. They are responsible for acquiring the underlying bitcoin. JPMorgan’s involvement is intriguing as its CEO Jamie Dimon has continued to publicly denigrate BTC for years.
Jamie Dimon’s virulent and hypocritical criticism
The boss of JPMorgan Jamie Dimon has established himself as one of the most vocal critics of bitcoin, not hesitating to describe the cryptocurrency as a scam and a simple vehicle for criminal activity. Just recently, he declared that he would “shut down Bitcoin” if he ran the US government.
Yet despite this radical talk, JPMorgan could potentially acquire bitcoin on behalf of BlackRock’s spot ETF if it was approved. Jamie Dimon therefore adopts a position that is at the very least paradoxical, even hypocritical, between his diatribes against BTC and the commercial involvement of his bank.
JPMorgan’s ambitions in the crypto sector
This apparent paradox is actually explained by JPMorgan’s strategy in the crypto sector. If Jamie Dimon publicly denigrates bitcoin, probably out of conservatism, his bank has been very interested in cryptocurrencies and blockchain for several years.
JPMorgan even launched its own digital currency JPM Coin in 2019. The bank has also offered consulting and crypto portfolio management services since 2021. And it is working on the use of blockchain to improve its services.
Thus, despite the declarations of its CEO, JPMorgan is actively involved in the crypto ecosystem. Its potential role as an authorized player on BlackRock’s bitcoin ETF confirms its ambitions in this sector of the future.
JPMorgan’s possible role in a spot bitcoin ETF highlights the disconnect between its CEO’s harsh criticism Jamie Dimon and the bank’s crypto strategy. Behind the public declarations, JPMorgan is in reality actively positioning itself in this sector. This apparent paradox above all reveals the hypocrisy of Jamie Dimon, quick to denigrate bitcoin but not to refuse the potential profits it can generate.
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