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- JPMorgan Chase, the largest bank in the US, has disclosed holdings in Bitcoin exchange-traded funds (ETFs) in a recent filing, indicating growing acceptance of Bitcoin within major financial institutions.
- Despite this, JPMorgan CEO Jamie Dimon remains a staunch critic of Bitcoin, even suggesting that the US government should shut down the cryptocurrency.
- Bitcoin ETFs recorded mixed flows on Thursday, with Grayscale’s GBTC seeing substantial outflows, while BlackRock recorded modest inflows.
JPMorgan Chase reveals Bitcoin ETF holdings, indicating growing acceptance of Bitcoin among major financial institutions, despite CEO Jamie Dimon’s criticism of the cryptocurrency.
JPMorgan Discloses Bitcoin ETF Holdings
JPMorgan Chase, the largest bank in the US, has disclosed holdings in Bitcoin exchange-traded funds (ETFs) in a recent filing. Although the holdings are currently limited to a mere $1.2 million, this move signifies the growing acceptance of Bitcoin within major financial institutions. BlackRock’s Robert Mitchnick recently revealed that institutions such as pension funds are preparing to invest in Bitcoin ETFs. Despite a recent slowdown in inflows, Mitchnick maintains that there is strong demand for Bitcoin exposure.
Jamie Dimon’s Stance on Bitcoin
Despite the bank’s move, JPMorgan CEO Jamie Dimon remains a staunch critic of Bitcoin. In December, he suggested that the US government should shut down the cryptocurrency, and he has recently labeled Bitcoin as a “Ponzi scheme.” Despite his criticism, JPMorgan launched a passively managed Bitcoin fund for its wealth clients in 2021 and was named among the authorized participants for BlackRock’s record-shattering Bitcoin ETF last year.
Mixed Flows for Bitcoin ETFs
On Thursday, Bitcoin ETFs recorded mixed flows. Grayscale’s GBTC saw substantial outflows of more than $43 million, while BlackRock recorded modest inflows of $14.2 million. Despite the negative ETF data, Bitcoin managed to rebound to the $63,000 level before plunging lower.
Conclusion
The disclosure of Bitcoin ETF holdings by JPMorgan Chase indicates a growing acceptance of Bitcoin among major financial institutions. However, the mixed flows for Bitcoin ETFs and criticism from figures such as Jamie Dimon highlight the volatility and controversy that still surround the cryptocurrency. As the landscape continues to evolve, it will be interesting to see how these dynamics play out.