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J.P Morgan, Wells Fargo hold Bitcoin now: Why are they interested in BTC?

  • Banks are turning to Bitcoin investments, signaling a shift in views.
  • US House of Representatives passes bill relaxing SEC guidelines, showing crypto acceptance.

In a new Form F13, JP Morgan revealed a $731,246 investment in a spot Bitcoin ETF on behalf of its clients.

They allocated the majority, $477,425, to BlackRock’s IBIT, while investing in Bitwise’s BITB, Fidelity’s FBTC, and Grayscale’s GBTC.

US banking giant Wells Fargo joined the fray, holding 2,245 shares of GBTC valued at $121,207.

At the time of writing, BTC was trading at $60,864 after experiencing a 3.34% decline, but there was nevertheless a notable change among investors.

More and more banks are joining us

In early April, Europe’s second-largest bank, BNP Paribas, purchased 1,030 shares of IBIT for $41,684.10. In the first quarter of 2024, each was priced at $40.47, significantly lower than the current value of a single Bitcoin.

Interestingly, just like Dimon, Sandro Pierri, head of fund management group BNP Paribas Asset Management, also refuted the potential of BTC in September 2022 and said:

“We are not involved in cryptocurrencies and we do not want to be involved in them.”

These developments signify a notable change in the stance of several banks, indicating a growing interest and openness towards BTC as an investment vehicle.

The tides are turning

In January, JP Morgan CEO, Jamie Dimon took a bold stance against Bitcoin (BTC) during a conversation on “Squawk Box.” He said,

“There are cryptocurrencies that do something, that can have value. And then there’s one that doesn’t do anything, I call it pet rock. Bitcoin, or something like that.

However, he noted,

“There are a few use cases. Everything else is people trading with each other.

Bitcoin: what do the measurements say?

An increase in cumulative spot BTC ETF volumes strengthened the confirmation, representing total spot BTC ETF trading activity within a defined time frame.

Cumulative Spot Bitcoin ETF Volumes

Source: The Block

The U.S. House of Representatives has passed a bill to relax SEC guidelines, signaling the growing acceptance of cryptocurrencies despite banks’ historical resistance to digital assets.

Along the same lines, the Biden administration has pledged to veto the legislation if it is approved by the Senate.

“Inappropriately limiting the SEC’s ability to ensure appropriate safeguards and address future issues related to cryptoassets, including financial stability.” »



News Source : ambcrypto.com
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Sara Adm

Aimant les mots, Sara Smith a commencé à écrire dès son plus jeune âge. En tant qu'éditeur en chef de son journal scolaire, il met en valeur ses compétences en racontant des récits impactants. Smith a ensuite étudié le journalisme à l'université Columbia, où il est diplômé en tête de sa classe. Après avoir étudié au New York Times, Sara décroche un poste de journaliste de nouvelles. Depuis dix ans, il a couvert des événements majeurs tels que les élections présidentielles et les catastrophes naturelles. Il a été acclamé pour sa capacité à créer des récits captivants qui capturent l'expérience humaine.
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