In what is a major announcement for the banks’ continued cryptocurrency shift, JPMorgan is set to officially begin accepting Bitcoin and other crypto-based ETFs as collateral for loans. Indeed, the $3.6 trillion asset manager will begin providing financing against products like BlackRock’s iShares Bitcoin Trust (IBIT), according to Bloomberg.
The decision aligns with a growing sentiment shift for the cryptocurrency sector in traditional finance. JPMorgan CEO Jamie Dimon has long been a skeptic regarding the potential of Bitcoin and other cryptocurrencies. Yet, the firm has continued to engage with and integrate the asset class into its offerings over the last year.
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JPMorgan to Offer Financing Against Bitcoin ETFs in Landmark Decision
Throughout the first five months of the year, the United States has firmly embraced a stark policy shift regarding the cryptocurrency market. US President Donald Trump has emerged as the first true pro-crypto commander-in-chief in the country’s history. With his appointment, the administration has placed a clear focus on favorable regulation for the asset class.
That has forced traditional banks to rethink how they operate within the industry. Thus, a continued shift toward integration and adoption has taken place. Indeed, JPMorgan has become a key face of that movement, as they will now accept Bitcoin and crypto ETFs as collateral for loans.
Source: Fortune
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According to a Bloomberg report, the exchange will start providing finance options against Bitcoin ETFs “in the coming weeks,” according to sources. Additionally, they will start accounting for wealth management clients crypto holdings when “assessing their overall net worth and liquid assets,” in another major development.
This shows that the bank will begin viewing cryptocurrencies in the same way as stocks or various similar assets. The move is rather surprising considering JPMorgan CEO Jamie Dimon’s stance on the asset. In January of this year he called Bitcoin a “Ponzi scheme” with no value. Since then, it has set a new $111,000 all-time high and become vitally integrated into the bank’s operations.
