Bitcoin, Embrace It or Not, JPMorgan Does: A Pet Rock No More?

A Shift in the Force I Sense

Difficult to see always in motion is the future... but JPMorgan Chase yes changing its ways it is. Allow clients to buy Bitcoin they will. Skeptic Jamie Dimon remains hmm? A 'pet rock,' he calls it. Still 'allow you to buy it,' he says. A notable step this is for the largest bank in the U.S. The Force it seems is strong with Bitcoin even if Dimon believe he does not.

Skeptic Still He Is

Strong his convictions are. 'Money laundering,' he says 'sex trafficking the terrorism.' Dark side these are. 'I defend your right to buy Bitcoin,' he claims like 'I don't think you should smoke but I defend your right to smoke.' Confusing this is. Judge him by his actions not his words we must. Hmm.

Futures No Direct Ownership... Until Now?

Limited exposure JPMorgan has had. Futures based products mostly. Direct ownership of Bitcoin a path not walked. But now? Change is in the air yes. Elusive like a youngling hiding from Darth Vader a strategy shift is. The Dark Times (2021) Bitcoin dismissed as worthless Dimon did. Said he: The only true use case for it is criminals drug traffickers … money laundering tax avoidance.

Government Intervention Avoided It Has

'If I was the government I'd close it down,' Dimon declared. Strong words these are. Control he seeks. But control an illusion it is. Let go we must. Bitcoin like the Force flows through all things. Banning it a path to the Dark Side it is.

Trump Era Dawns Crypto Embraced?

Pro crypto administration now we have. Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency their anti crypto guidance rescinded. Banks now they can custody crypto. But restrictions remain yes. Explicit approval from the Federal Reserve still needed it is. Patience young Padawans patience.

The Future Unclear It Is

Explore ways to deepen its involvement in cryptocurrency markets navigating the regulatory landscape under the pro crypto administration Morgan Stanley will. Deepen they seek. Unclear the path forward is. But one thing is certain: Bitcoin here to stay it is. Accept it JPMorgan must. Or be left behind they will. May the Force be with them hmm?