So basically, they just want to earn from their clients buying Bitcoin without actually holding any Bitcoin themselves.
Honestly, it might be better for clients to just buy directly from exchanges and learn how to secure their assets properly. Banks aren’t really that helpful when it comes to Bitcoin investing. All they do is act as a bridge for traceable transactions and once that’s done, they collect their fees and call it a day.
This is just another ETF thing..
I was just wondering how they will allow you to buy it but not custody it. If you don't reason critically, you will think it's a good development because of the Not you key not your coin mentra. But in a real sense, they just want to be a bridge for their customers, and charging transaction fees without doing anything at all.Honestly, it might be better for clients to just buy directly from exchanges and learn how to secure their assets properly. Banks aren’t really that helpful when it comes to Bitcoin investing. All they do is act as a bridge for traceable transactions and once that’s done, they collect their fees and call it a day.
This is just another ETF thing..
Quote
JPMorgan will offer clients access to Bitcoin exchange-traded funds (ETFs)
Meanwhile, about criticising bitcoin in the past. I am not surprised and it's not a sin. Almost everyone that spoke against bitcoin will surely do a U-turn. I don't blame them because that's how it used to be for every given new technology.
The instance of smoke and our right to it is just a jab to cover up.
Sounds like he's saying they will allow their clients to buy the existing BTC ETFs through JPMorgan, rather than create their own Bitcoin product. I guess there are people who literally only use one brokerage to invest with and so this will likely open up new people to the Bitcoin ETFs.
But the main thing about this news is symbolic: one of Bitcoin's biggest public haters who constantly attacks it, basically just said that while he personally still feels the same way, he has to admit that out in the real world he is wrong and that his company needs to be involved with Bitcoin.
Just shows you that even the harshest critics of Bitcoin eventually eventually have to admit they were wrong.