What did JP Morgan Chase do after the Bitcoin surge?
JPMorgan Chase submitted the sales materials of a cryptocurrency equity-linked note to the U.S. Securities and Exchange Commission (SEC) last week. The news has excited many cryptocurrency investors.
Many people in the crypto industry have reposted relevant news.
This is simply because JP Morgan Chase has a history of more than two hundred years and is one of the oldest commercial banks in the United States. It belongs to the category of financial institutions that are “too big to fail” in the United States. In 2008, it acquired Bear Stearns and the commercial bank, Washington Mutual, which enhanced the investment banking business.
Other than the position of JPMorgan Chase Bank itself, many people in the crypto industry are excited due to a very important reason. The CEO of J.P. Morgan, Jamie Dimon said in an interview with CNBC in 2017, He will immediately “terminate” any trader who trades Bitcoin.
At the time, the CEO pointed out very seriously that trading Bitcoin violated the regulations, and it was stupid. Today, although JP Morgan Chase does not directly trade Bitcoin, it has launched a basket of stock portfolios that track the performance of Bitcoin. Many people speculate whether this means that the CEO was slapped in the face or whether it means that JP Morgan Chase also wants to enter the virtual asset management business?
Recently, when Bitcoin broke through the US$50,000 mark, some activists even speculated that maybe the directors of JP Morgan should ‘terminate’ Dimon to restore the business gap in this field?
I think the above points may not clearly understand the main points of JPMorgan Chase’s products, and thus they do not understand the attitude of big companies like JPMorgan Chase about Bitcoin.
Why would Dimon allow its departments to issue such products? Is it really because he changed his attitude and be optimistic about Bitcoin? Could it be that the explosion of Bitcoin since 2020 has not only changed the life habits of people, but also changed corporate executives like Jamie Dimon who have unique views on Bitcoin?
After reading the sales materials handed over by JPMorgan Chase to the SEC, I feel that JPMorgan’s equity-linked products have nothing to do with the CEO’s attitude towards Bitcoin. Or to be more specific, for the issuer of this note, this product is neutral in terms of position, and it is neither bullish or bearish on Bitcoin.
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