JPMorgan Chase & Co. CEO Jamie Dimon has been dumping on cryptocurrencies for years.
“I’ve always been a strong opponent of cryptocurrencies, Bitcoin, things like that,” he said at a U.S. Senate hearing this month. “The only case where it is actually used is by criminals,” he added. “If I were the government, I would shut it down.”
However, this rebuke and things before that Right now, we’re in a situation of “do as I say, not as I say.” That’s because JPMorgan is moving deeper into cryptocurrencies.On Friday, it was revealed that the bank would play a key role in BlackRock’s Bitcoin proposal. (Bitcoin) ETF.
If the ETF is approved, JPMorgan will be one of the authorized participants, which includes “ensuring that ETF prices are accurate and trading is smooth under all market conditions.” According to Blackrock. In the multitrillion-dollar ETF industry, no job is more important than the one JPMorgan plays for BlackRock’s products.
Given Mr. Dimon’s position, this borders on hypocrisy, if not hypocrisy.
In the world of finance, the allure of profit has always had the power to override morality, and Wall Street has accepted this. ESG movement (Short for Environmental, Social and Governance) In recent years, clients have been able to steer their investments away from investments that are deemed not to be socially responsible.
But, at least for now, the Bitcoin hype is a big hit for the largest U.S. banks, as well as other traditional financial interests like Jane Street and Cantor Fitzgerald, which have been named authorized participants in a Bitcoin ETF. It’s too big for anyone to ignore.
