JPMorgan Chase’s CEO Jamie Dimon has received strong viewpoints on the viability of bitcoin as an investment. Despite his criticism, the bank is allowing its customers to trade in bitcoin futures.
Dimon ridiculed the cryptocurrency as a “fraud,” used by criminals and murderers. He also stated previously that he would fire employees of the bank who trade in bitcoin.
“If you’re stupid enough to buy it, you’ll pay the price for it one day,” Dimon said last month at a conference. The biggest banks in the U.S., are determining client demand and the possible risk of facilitating trades.
“JPMorgan is considering whether to provide its clients access to CME’s new bitcoin product through its futures-brokerage unit,” the report on Tuesday said, citing a person familiar with the situation.
Bitcoin’s rise which is nearly 8 times in value is forcing Wall Street banks to balance clients’ interest in speculation toward cryptocurrency with executives’ skepticism about its future. Jamie Dimon has been one of the most prominent critics of bitcoin. However, Marianne Lake, JPMorgan’s chief financial officer has a more balanced view. The firm, she said, is “open minded” to the possible uses of digital currencies as long as it is properly regulated.
According to The Journal, the bank is “assessing whether there is a demand among JP Morgan’s clients for the proposed CME bitcoin contract.”
CME is prepared to start a market for bitcoin futures by the end of this year. This would allow some investors to bet on the future price of the digital currency.
According to data from the industry website, CoinDesk, the price of bitcoin increased to $8250 on Tuesday. It went past the $8000 level for the first time on Sunday. The digital currency is up by more than 700 percent this year so far.
JPMorgan has not yet responded to any request for comment.