JPMorgan can surprise the market by applying with the U.S. SEC to launch a spot Bitcoin ETF, said Nate Geraci, host of ETF Prime podcast and co-founder of ETF Institute, on Thursday. The comment came in response to JPMorgan CEO Jamie Dimon asking the US government to crush crypto, saying that crypto’s only use case is to promote crime.
Spot Bitcoin ETF By JPMorgan
Nate Geraci took to X on December 7 pointing out that JPMorgan could launch a spot Bitcoin ETF or make it easy for its wealth management clients to invest in Bitcoin. However, the financial giant is unlikely to overlook Bitcoin and crypto as the demand rises among institutional investors and family offices.
JPMorgan launched its first ETF in 2014, 21 years after the launch of first ETF. The company and CEO Jamie Dimon were against the highly disruptive ETFs and relied on its services. However, investors slowly turned to ETFs and JPMorgan followed.
JPMorgan was one of the first financial giants to step into the industry during the 2021 crypto market bull run. JPMorgan has its own JPM Coin to settle transactions, with now exploring cross-bank transactions and programmed payments.
JPMorgan’s silently filing spot Bitcoin ETF application could happen similar to BlackRock and Fidelity filings that completely changed the market sentiment and BTC price direction. CEO Jamie Dimon would like to capitalize on the Bitcoin adoption in the traditional finance industry.
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JPMorgan CEO Jamie Dimon Criticized Crypto
During a hearing at the United States Senate Committee on Banking, Housing, and Urban Affairs, JPMorgan CEO Jamie Dimon lashed out at crypto. He added “If I were the government, I’d close it down.”
His comment came in response to his belief that criminals use crypto for drug trafficking, money laundering, tax avoidance, and other crimes.
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