One day after the dullest halving event ever for Bitcoin, it has become known that Wall Street is now ready to supply money to crypto street (pardon the pun). And of course let it be the man who once called Bitcoin as massive ‘fraud’ to be the one to step into the abyss.
Yes, you’ve guessed it, JP Morgan Chase is the bank and CEO Jamie Dimon is that man. His business bank has now allowed two of the biggest US crypto exchanges, Coinbase Inc. and Gemini Trust Co., to become banking customers. It is that first time first time JP Morgan Chase has accepted clients from the cryptocurrency industry, considered by many still to be a world full of fraudsters and scammers. Or course, if JP Morgan trusts them, other banks will follow suit. The move is the latest in a string of positive developments for bitcoin and one more sign that Wall Street’s financial elite is ready for mass adoption.
Given the fact that JPMorgan is now extending services to companies that deal mainly in Bitcoin, other firms in the crypto industry will probably find it easier to open bank accounts as well.
Coinbase and Gemini, the two exchanges that JP Morgan accepted, are of course well known platforms with US CEO’s who are all well known figures.
Brian Armstrong, the Coinbase CEO, now leads the second biggest trading platform in the world and the Winklevoss twins, the Gemini CEO’s, were famous even before they stepped into the crypto industry.
The JP Morgan Chase move was apparently already in the works since march and becomes known a week after another legendary Wall Street Trader, Mr Paul Tudor Jones, informed his customers that he was getting into buying Bitcoin as a hedge against inflation.
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