JP Chase Morgan has become the first-ever Investment Bank to provide bitcoin with retail client access. This news filled the crypto community with happiness. It has been reported that banks will give retail clients access to bitcoin investment vehicles. Compared to other investment banks, JP Chase Morgan will not restrict access to only extremely wealthy clients. An inside source told Business Insider that “JP Morgan will provide crypto investment opportunity to the clients looking for the investment advice, including its clients using JP Morgan’s commission-free Chase trading app.” Moreover, this offer also includes the customers whose funds are managed by the bank’s asset management team.
Regardless of the economies of scale, the investment opportunity is available for its clients. The top leadership of the Bank told Business Insider that it is Bank’s ethical responsibility to provide our customers and those who are seeking investment advice with a beneficial opportunity. So, the Bank would be able to earn customer’s loyalty. Under the new directions, The JP Morgan Investment Advisory board will perform bitcoin trade, only if requested by the clients. However, it is strictly prohibited for the investment team to reach out to investors and advocate them to invest in bitcoin.
The JP Chase Morgan official will only be allowed to talk about bitcoin trading if investors or customers have asked about it in the first place. But once the client implores for bitcoin trading with curiosity, JP Morgan’s advisory members can help them purchase assets of Grayscale Bitcoins, as well as Osprey Fund’s Bitcoin Trust. However, JP Morgan also made it clear that due to the volatile nature of the crypto market, advisory members can’t exactly predict the profitability ratio. Any advisory member who predicts the profit ratio goes against the Bank’s policy.
However, the executive members of the Bank further told Business Insider that “any individual who goes against bank’s investment policy would be forced to resign.” The recent shift in the narrative also received severe criticism. Back in 2017, JP Morgan’s CEO, Jamie Dimon, addressed all the employees in an open letter. He ensured to fire every employee who traded bitcoin or other crypto assets. However, Dimon over the years has become softer on BTC. The CEO further said that JP Morgan is an investment bank, and our primary goal is to ensure the safety of our client’s investment and also provide them the information about any industry they are interested in. He further added that in the past couple of years, the majority of our customers asked for crypto exposure and showed their interest in bitcoin trading. So, it is our ethical responsibility to help our clients in the matter.