Wall Street bank’s Merrill Lynch made a move similar to JPMorgan CEO Jamie Dimon’s comments. Merrill Lynch has banned its financial advisors from making Bitcoin-related investments on behalf of their clients.
According to the Wall Street Journal, Merrill Lynch, one of the largest banks, made this decision. He bought it because he was concerned about “the suitability and suitability of the product’s standards.”. Even if clients want to enter Grayscale Bitcoin Mutual Fund (GBTC) trading, advisors will not be able to fulfill clients’ request.
GBTC is one of the most convenient places to trade Bitcoin on Wall Street. Bitcoin trading here is done over-the-counter, unlike the New York Stock Exchange, where trading is quite formal.
The recent launch of futures trading on Bitcoin by CME and CBOE has created a new avenue for institutional investors to enter the cryptocurrency market. it happened. In the past, institutional investors were a little hesitant to enter this market because the cryptocurrency market was not legally regulated.. However, being able to trade Bitcoin from legally eligible exchanges such as CME and CBOE has removed the reservations of institutional investors. Confident of His Decision
As it is known, there is an invisible but felt struggle for cryptocurrencies, or rather Bitcoin.. On the one hand, those who argue that Bitcoin and Bitcoin can add to the world we live in, on the other hand, those who argue that Bitcoin is not supported by any authority and is doomed to collapse.. The side that does not support Bitcoin is usually traditional banks and investors.. But lately there seems to be a little less noise on this side.
An example of this is the relationship between JPMorgan and Jamie Dimon.. Jamie Dimon made a rather assertive comment a few months ago, saying that Bitcoin is a “fraud” and made it clear that he does not support Bitcoin.. However, JPMorgan, of which Jamie Dimon is the CEO, seems to think differently as an institution.. In fact, while Jamie Dimon does not support Bitcoin, it can even be said that JPMorgan does.
John D’Agostino, a former Nymex executive, thinks that many people are now contemplating entering the cryptocurrency market, but wondering if it can be done within legal limits:
“Every research division of every regulated exchange thinks, ‘Can we do this?’. The most cost incurred by these will be in the field of marketing.. If people want to trade it, why shouldn’t they? This is a blessing from heaven.”
These bans on the cryptocurrency market (China’s ICO ban, bans imposed by banks) are due to not knowing enough about cryptocurrencies.
For example, many Bitcoin supporters think that Jamie Dimon made those comments because he didn’t know enough about cryptocurrencies, and apparently the same goes for Merrill Lynch.
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Fadi Ghandour, CEO of tech investment firm Wamda Capital, commented on Jamie Dimon:
“(Bitcoin) is here to stay. Jamie Dimon needs to understand this before talking about it with perceived fraud. Talk to them, understand them, find a way to organize them. Let’s not talk big about things we don’t understand. Let’s be humble, calm down, set foot in the world and learn.”
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