JPMorgan to offer wealthy clients access to bitcoin fund: report

It would also come after Morgan Stanley MS, +0.93% began offering clients access to a bitcoin fund in March. Goldman Sachs is also planning to help wealthy clients invest in digital assets, Barron’s reported in March.

JPMorgan Chief Executve Jamie Dimon was once one of Wall Street’s most vociferous cryptocurrency critics, calling bitcoin a “fraud” in 2017 and comparing it unfavorably to the tulip bubble of the 17th century. Dimon subsequently toned down his criticisms of bitcoin. And other Wall Street skeptics have also softened their rhetoric.

Cryptocurrency proponents contend that more widespread adoption of the digital assets justifies the run-up in prices, which saw bitcoin BTCUSD, +12.91% top $60,000 earlier this month. Bitcoin and other cryptocurrencies have seen characteristically volatile price action in recent weeks, with bitcoin dipping below $50,000 last week and logging its worst weekly performance since March 2020.

Bitcoin was back on the upswing Monday, up 12.9% over the last 24 hours at $54,262.