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Jamie Dimon unveils access to a half-dozen crypto funds

JPMorgan Chase has quietly begun providing its wealth management clients with access to six cryptocurrency funds in the last month.

According to those familiar with the situation, financial advisors were allowed to begin placing private bank clients into a new bitcoin fund launched with crypto startup NYDIG on Thursday. The fund is almost identical to one offered by NYDIG to clients of rival bank Morgan Stanley.

JPMorgan Chase has quietly begun providing its wealth management clients access to six cryptocurrency funds in the last month. The reception, however, hasn’t been all positive. Financial advisors began placing private bank clients into a new bitcoin fund launched with crypto startup NYDIG on Thursday. The fund is almost identical to one offered by NYDIG to Morgan Stanley clients.

JPMorgan, the largest bank in the United States by assets has made it apparent that Wall Street’s years-long aversion to dealing with cryptocurrencies is over. It follows rivals Morgan Stanley and Goldman Sachs’ earlier measures to provide bitcoin funds to clients, as first reported by CNBC, and hundreds of smaller banks have stepped up to do the same.

Rollout

Nonetheless, the products’ slow launch this summer reflects the bank’s scepticism with bitcoin.

According to Business Insider, which first reported on the fund additions, JPMorgan advisors cannot recommend the Grayscale or Osprey funds but can only reply to client requests. According to Coindesk, which previously reported on the product, the NYDIG fund is being touted as one of the least expensive and safest methods to obtain bitcoin exposure.

Reserve status

At least four headwinds could endanger, or at the very least impair, the dollar’s status as a worldwide reserve currency. They are fiscal weakness (the national debt), economic weakness (inflation), political instability, and structural issues with the treasury bond market.

Today, the United States produces slightly more than 10% of all global exports, making the dollar less helpful for commerce. However, it remains a singularly powerful economy. This does appear to explain why US bond markets haven’t cratered in response to inflation fears.

The sustained demand for Treasurys indicates that a boost in debt expenditure today will help strengthen the US economy in the long run.

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