JP Morgan and Jane Street to Collaborate with Blackrock on Bitcoin ETF

In a surprising turn of events, JP Morgan and Jane Street have announced that they will be working with Blackrock as authorized participants on their Bitcoin ETF. The news comes as a shock to many, considering JP Morgan CEO Jamie Dimon’s previous criticism of Bitcoin.

For years, Dimon has been publicly bashing Bitcoin, calling it a “fraud” and a “bubble.” However, it seems that actions speak louder than words, as JP Morgan is now getting involved in the cryptocurrency space. This move proves that Wall Street is starting to take Bitcoin seriously, despite the skepticism from some of its biggest players.

Blackrock, the world’s largest asset manager, recently filed an application with the Securities and Exchange Commission (SEC) to launch a Bitcoin ETF. An ETF, or exchange-traded fund, would allow investors to gain exposure to Bitcoin without actually owning the cryptocurrency.

Authorized participants, such as JP Morgan and Jane Street, play a crucial role in the creation and redemption of ETF shares. They are responsible for buying or selling the underlying assets and ensuring that the ETF’s market price closely tracks the value of its underlying assets.

This collaboration between Blackrock, JP Morgan, and Jane Street is a significant step forward for the cryptocurrency industry. It shows that traditional financial institutions are recognizing the potential of Bitcoin and are willing to get involved.

Many experts believe that the entry of major players like JP Morgan and Blackrock into the Bitcoin market will bring increased legitimacy and stability to the industry. It could also pave the way for more institutional investors to enter the space, driving further adoption and potentially pushing Bitcoin’s price even higher.

It’s important to note that while this news is undoubtedly positive for Bitcoin, investors should still approach the cryptocurrency market with caution. Bitcoin is known for its volatility and can experience significant price fluctuations in short periods of time.

Additionally, it’s worth keeping in mind that Wall Street has a history of manipulation and self-interest. As the Twitter post from Lark Davis suggests, it’s essential to pay attention to what these institutions do rather than what they say.

The SEC is currently reviewing Blackrock’s application for a Bitcoin ETF, and it’s unclear when a decision will be made. If approved, the ETF could open the door for more widespread adoption of Bitcoin among traditional investors.

Overall, the collaboration between Blackrock, JP Morgan, and Jane Street is a significant development for the cryptocurrency industry. It demonstrates that Bitcoin is no longer seen as a niche asset but rather as a legitimate investment option. The involvement of these major financial institutions could help pave the way for broader acceptance of Bitcoin and other cryptocurrencies in the mainstream financial world.

Disclaimer: The information provided in this article is for informational purposes only. It should not be considered financial or investment advice. The cryptocurrency market is highly volatile and unpredictable. Always do your own research before making any investment decisions.

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Breaking! JP Morgan and Jane Street will work with Blackrock as authoritised participants on their Bitcoin ETF!

Jamie Dimon has spent years publicly bashing Bitcoin. Always remember with these Wall Street snakes, ignore what they say and watch what they do! pic.twitter.com/sb2iYP5v38

— Lark Davis (@TheCryptoLark) December 30, 2023

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@TheCryptoLark said Breaking! JP Morgan and Jane Street will work with Blackrock as authoritised participants on their Bitcoin ETF! Jamie Dimon has spent years publicly bashing Bitcoin. Always remember with these Wall Street snakes, ignore what they say and watch what they do!

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