JP Morgan Gets Involved in the Crypto Industry

It seems that institutions are finally getting in the game.  First, we received word that investing legend Paul Tudor Jones had invested in Bitcoin (as much as 1-2% of his assets according to several news outlets).  Now we see banking titan JP Morgan getting involved in the space offering banking services to the previously “unbankable.”   This is welcome news and confirmation of what many of us have predicted: institutional investors are coming to the digital universe.

 

For months people have been asking where the institutional investors are, or pointing to various indicators like open interest in listed futures or big-ticket investments in digital asset related businesses.  In short order we have seen well respected members of the financial community like former CFTC Chairman J. Christopher Giancarlo (backing a digital dollar) joining the likes of crypto-pioneers like Mike Novagratz and Peter Thiel in this new frontier of digital assets.

 

Great minds do not always make the right call the first time, but they are great because they maintain their intellectual honesty, re-assess the facts and change their opinion when necessary.  I think Jamie Dimon fits that bill.  He has been an outspoken opponent of cryptocurrency since the early days, just like Mark Cuban, as previously discussed in ‘Why it’s Okay to Change Your Mind on Crypto’.  Now the firm he leads is stepping in with some of the biggest players in the space.  I certainly do not think he will be the last great mind to change his mind.

 

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About the Author:

Jason Urban is CEO of DrawBridge Lending / DBL Digital. A seasoned financial industry veteran with an MBA from University of Chicago Booth School of Business and a BS/BA Finance and Marketing from Georgetown University, Jason specializes in market making, arbitrage, and capitalizing on market inefficiencies. He holds Series 3, Series 7, and Series 24 registrations and is quoted in several publications as an expert in cryptocurrency investing and lending.