JPMorgan to Hire Crypto Experts, Experience with BTC and ETH Preferred

JPMorgan Now Accepts Crypto as Legitimate Asset Class

The new positions, ranging from New Jersey to Hong Kong, reveal a shift in JPMorgan’s stance. Until recently, JPM’s CEO, Jamie Dimon was making headlines for his skeptical view on cryptocurrencies in public events. But even in doing so, Dimon accepted that blockchain technology was crucial to making the movement of money cheaper. However, it now appears that the company is considering cryptocurrency as a legitimate digital asset.

Overall, current developments suggest that JPMorgan may be looking into the establishment of its own platform based on the digital asset class. The under-construction project will deploy several software engineers to handle product development. The team is also looking for legal experts to deal with compliance issues. 

Lately, the bank has been taking active measures to expand its offerings in the crypto market. In October 2020, the bank found a new business unit for blockchain and digital currencies. It also introduced the JPMCoin, a token meant for internal dealings.

Analysts believe JPMorgan’s acceptance of crypto could trigger a Bitcoin rally, leading the cryptocurrency to soon attain a target of $146,000.  Though, the company has indicated that Bitcoin could stumble. It has also spoken favorably of Ethereum, which it believes should offer better returns than Bitcoin in the longer term.

Mainstream Market Players Are Reconsidering Their Stand on Crypto

The recent turn of events at JPMorgan indicates that many in the mainstream market are revising their previous stance on cryptocurrencies. With the likes of Paypal and Visa making crypto transactions easier, it seems every major player wants a slice of the crypto pie.

To remain competitive, many companies that were historically opposed to Bitcoin, are accommodating crypto services. This proves that cryptocurrencies are overcoming their fad status, with many investors becoming serious about the digital asset class.

The broadening appeal of cryptocurrencies in the mainstream market will lend them greater legitimacy in investment circles. It will also assist those debating an investment in the sector to make confident decisions.