Global financial group JPMorgan plans to introduce a loan service backed by cryptocurrency assets.
Bloomberg reported that JPMorgan is reviewing a plan to provide loans using customers' Bitcoin ETF as collateral. Currently managing $430 billion in customer assets, JPMorgan is considering cryptocurrency assets as collateral, focusing on BlackRock's iShares Bitcoin Trust ETF (IBIT).
This is a stark contrast to CEO Jamie Dimon's previously hardline stance on Bitcoin. Dimon called Bitcoin a 'fraud' in 2017 and stated he would 'abolish Bitcoin' in 2023. However, he recently changed his position, saying that "investors' right to hold Bitcoin should be protected".
During Trump's presidency, clear cryptocurrency regulations in the US accelerated Bitcoin's integration into the institutional framework. According to Bitcoin Treasury data, 223 institutions hold 3.39 million Bitcoins, a 3% increase compared to a month ago.
The net inflow of US spot Bitcoin ETFs has exceeded $44 billion, with total assets under management reaching $128 billion. Wall Street experts predict that as Bitcoin's status as digital gold rises, its price will show a parabolic upward trend.
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