Banking behemoth JPMorgan has revealed some Bitcoin exposure in its recent 13F filing.
The exposure is estimated to be at just roughly $500,000, but it can still be viewed as a positive development for institutional Bitcoin adoption given how hostile JPMorgan CEO Jamie Dimon is toward Bitcoin.
As reported by U.Today, Dimon said that he did not feel "great" about the leading cryptocurrency during his January interview with CBC. The banking boss pointed to some illicit use cases that are associated with the leading cryptocurrency, including money laundering.
Even though Dimon remains a staunch critic of Bitcoin, his rhetoric has still seemingly softened over the past few years. Back in 2017, he went as far as calling Bitcoin "a fraud" while also claiming that he would fire anyone who would dare to trade it.
Dimon has repeatedly drawn parallels between Bitcoin and cigarettes: while he himself does not approve of the cryptocurrencies, he does not believe that the bank's clients should be prevented from buying it since they are adults.
Back in 2021, the bank rolled out access to several cryptocurrency funds. This was viewed as a substantial endorsement of the industry.
JPMorgan initially disclosed its spot ETF holdings last May.
The bank acts as an authorized participant for several ETF issuers, meaning that it assists issues with the creation and redemption of shares.
As reported by U.Today, Goldman Sachs has revealed that it has a whopping $2.3 billion in Bitcoin exposure. Other major US banks also hold some shares of Bitcoin ETFs.
Alex Dovbnya
Godfrey Benjamin
Dan Burgin
Vladislav Sopov