America’s largest Investment bank JP Morgan Chase is allegedly looking into launching a Bitcoin fund for its investors, with the digital asset financial firm NYDIG serving as custodian.
As reported by coindesk, the banking giant has had a change of heart in matters related to Bitcoin and is preparing to offer an actively managed Bitcoin Fund to its wealthy private clients !
Following a stance previously taken by its competitor Morgan Stanley , that had launched Bitcoin Fund for its private clients earlier this year, the investment bank is set to introduce BTC procut by summer of 2021.
Previously, a study carried out by JP Morgan had revealed that institutional money will flow into cryptos, making it an investment vehicle to cautiously look out for. The same study had signaled that more institutional investors may be interested to invest in cryptocurrency.
The bank had surveyed 3400 investors who were representing 1500 institutions and had discovered that 11% of respondents worked at firms that were investing in cryptos, while 89% did not. However, in the future, twice as many institutions were likely to invest in cryptos as the ones who have already had.
If you want to invest in cryptos, start by investing a small amount of your savings. Do not risk the money that you cannot afford to lose. Follow active or passive trading strategies based on your time and expertise! Think of people who invested a few cents in Bitcoin only to become millionaires 7 years later. That is the return of investing in cryptos. Use blockchain wallets like XcelPay Wallet to keep your cryptos safe. XcelPay Wallet allows you to store multiple coins in a single wallet. The wallet will also assist you with better trading options for your cryptos.