Dimon Called Bitcoin a Fraud but JPMorgan Is Citing PricesBy
JPMorgan Chase & Co.’s chief executive famously panned bitcoin. His bank’s clients apparently aren’t ready to dismiss it as a “fraud.”
The Wall Street firm’s widely followed morning markets note highlights the spot price for the cryptocurrency. There it sits, right below a rundown of commodities and above the 10-year Treasury yield -- hardly fringe assets.
It’s the latest sign that Wall Street is embracing the likes of bitcoin. While most financial firms have been exploring ways to leverage the blockchain technology underpinning cryptocurrencies, they’re now increasingly responding to growing interest from clients to track and even trade the digital coins.
— With assistance by Lily Katz