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America’s biggest bank is jumping into cryptos. JP Morgan (NYSE: JPM) plans to launch a Bitcoin fund for clients this summer.
It’s the latest signal that Wall Street plans to cash in on the crypto boom. And that means trading in Bitcoin, Ethereum and other cryptos should rise dramatically.
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JP Morgan is America’s #1 megabank – with over $3 trillion in assets.
The company plans to launch an actively managed Bitcoin fund.
The fund will be available to the bank’s “private wealth clients.” It’ll be available to high net worth accredited investors. However, regular folks with a checking account won’t get access.
Frankly, this news is a bit surprising . . .
Because JP Morgan’s CEO has been a crypto critic.
In September 2017, Jamie Dimon said that Bitcoin was a fraud and that it would collapse.
He even threatened to fire any JP Morgan trader who began trading Bitcoin.
Dimon made that threat when Bitcoin was around $3,900. With the world’s #1 crypto now above $53,000 – he’s had a change of heart.
The price of Bitcoin is up 1,275% since late 2017 (click here for details).
JP Morgan isn’t the only big bank jumping into crypto.
Morgan Stanley (NYSE: MS) announced three new crypto funds in March.
The funds will be available to wealth management clients. Only clients with accounts exceeding $2 million can invest. And exposure will be limited to a maximum of 2.5% of an account.
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Why This Move Is Important
This news is bullish for Bitcoin and other crypto currencies.
It shows that two of Wall Street’s biggest banks are investing in the sector. This will allow these banks to trade cryptos for their own accounts.
More importantly, it provides an onramp for the clients of these banks. And it lets them invest in the opportunity through an existing account.
Remember that the circulation of Bitcoin grows by just 2% per year.
Yet millions of clients at these companies – and others – will soon be able to buy Bitcoin . And with new capital flowing into Bitcoin – the price is likely going up from here.
Cryptocurrency exchanges are one of the best ways to profit from this trend. That’s because these companies earn fees on the trading of crytpos.
Of course, you’ve already heard of Coinbase (NASDAQ: COIN). However, there’s a group of undiscovered crypto stocks that are preparing to go public.
My price target suggests that one of these stocks could jump 352% AFTER the IPO.
Don’t want for the stock to start trading . . .
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Yours in Wealth,
Ian Waytt