JPMorgan Chase & Co. (NYSE: JPM), a best financial institution with a vast global presence, expands his crypto offers under the leadership of Bitcoin (BTC). According to a report from Bloomberg, JPMorgan, which manages more than $ 4.3 trillion at the assets of customers, is planning to consider Bitcoin and other digital assets in assessing the general capacity of customers.
The bank is planning to offer loans to rich customers by tapping Crypto assets, led by BlackRock’s Ishares Bitcoin Trust ETF (Ibit), as collateral.
The approval of Bitcoin by JPMorgan follows years of resistance of CEO Jamie Dimon. Dimon, for example, called Bitcoin A -Fraud in 2017 and threatened to close it in 2023. As Coinpedia reported earlier, Dimon recently admitted that the right of investors to possess Bitcoin should be protected.
Growing acceptance of Bitcoin by institutional investors
The mainstream acceptance of Bitcoin and digital assets has experienced a sharp increase in the recent past that was catalyzed by clear crypto instructions in the United States. Under the presidency of Donald Trump, the United States have taken considerable steps to reach clear crypto regulations than in the previous administrations.
The remarkable growth of the strategy by its Bitcoin plan has convinced that dozens of other companies follow a similar approach. According to data from Bitcointreasuries223 entities contain more than 3.39 million bitcoins, which represent an increase of 3 percent in the last 30 days.
In the meantime, the American place Bitcoin ETFs have registered a cumulative net entry from cash of more than $ 44 billion and currently have a total assets of more than $ 128 billion.
Parabolic rally next?
BTC price has continued to experience the impact of demand versus demand shock in the recent past. As the digital golden story grows exponentially, Wall Street experts predict a parabolic rally for Bitcoin in the near future.