And the kicker: the CEO of the largest US bank said he would fire any employee trading bitcoin for being "stupid."
Fast forward to today when everything has changed: not only has JPM launched a bitcoin fund for rich clients after years of bashing crypto, its market quants publishing a weekly hitpiece bashing bitcoin and its crypto peers, but it now published a weekly report looking at all the latest news and trends in the crypto realm...
... but as Insider reports today, JPMorgan has become the first major bank to "gave its financial advisors the green light to give all its wealth-management clients access to cryptocurrency funds." The move applies to all JPMorgan clients seeking investment advice, including its bank's self-directed clients using its commission-free Chase trading app, mass affluent clients whose assets are managed by financial advisors under JPMorgan Advisors, and ultrarich clients serviced by the private bank.
The bank, which has been making a significant push to grow its $630 billion wealth-management business, told advisors in a memo earlier this week that they can now take orders to buy and sell five cryptocurrency products, four from Grayscale Investments and one from Osprey Funds, effective July 19.