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J.P. Morgan Appears to Turn a New Leaf Towards Bitcoin

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For many years, J.P. Morgan has been criticizing the very essence of cryptocurrency and and the ability to buy Bitcoin. In 2017, when Jamie Dimon, J.P. Morgan’s chief executive, called Bitcoin a fraud, the coin rose to an unprecedented level to $20,000 per BTC before plummeting to $4,000.

But there seems to be an indication that this divergent relationship between J.P. Morgan and Bitcoin is gradually softening, after the Bank added its first cryptocurrency exchange customer while Dimon allegedly held secret meetings with head of Bitcoin and cryptocurrency exchange firm, Coinbase.

Early this month, the bank signed a partnership with crypto exchanges Gemini and Coinbase after a prolonged vetting period. The Wall Street Journal reported this partnership and said the move seems like J.P. Morgan is turning a new leaf on Bitcoin.

The accounts of the two Bitcoin exchanges were approved last month, and the bank has already started processing crypto transactions. This new development is exciting to the crypto community, as it seems the loggerhead between J.P. Morgan and cryptocurrency is nearing its end. That means the cryptocurrency community may be getting close to ending its banking woes.

J.P. Morgan seems to change its stance on Bitcoin

For years, the crypto community has complained that banks like J.P. Morgan have prevented them from accessing their services and even block some of their crypto-related accounts. But while J.P. Morgan has been vocal about its lack of support for Bitcoin and cryptocurrency, Jeff Roberts revealed that since 2018, Jamie Dimon has been having secret meetings with Brian Armstrong, chief executive of Coinbase.

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Jeff made this revelation in his book, King of Crypto, stating that their secret meetings were in line with a partnership the bank wants to establish with Coinbase.

Interest of J.P. Morgan may not be on Bitcoin

The interest of J.P. Morgan may not be on Bitcoin Era for now. According to the head of digital treasury services at J.P. Morgan, Umar Farooq, the bank will always throw its weight behind cryptocurrencies only when there is proper regulation. “We are supportive of cryptocurrencies as long as they are properly controlled and regulated,” he said.

Last year, the bank rolled out its alternative to Bitcoin, known as the JPM Coin. But the value of JPM is different as it’s penned to a dollar, unlike Bitcoin.

Some experts have called out Coinbase’s Armstrong for what they perceive as his skepticism of Bitcoin despite partnering to promote other cryptocurrencies as well as other blockchain networks like Ethereum.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.