Cryptocurrency Market News: JPMorgan, Wells Fargo Report Holding Spot Bitcoin ETFs
The latest week was highlighted by positive public sentiment for bitcoin. Wells Fargo (WFC) and JPMorgan Chase (JPM) both reported holdings in spot bitcoin exchange-traded funds, and Twitter co-founder and former CEO Jack Dorsey forecast that bitcoin's price could climb to $1 million by 2030. Meanwhile, crypto analysts are tracking meme coins this week, as the return of famed GameStop retail trader «RoaringKitty» to social media led to a surge in prices over the weekend.
JPMorgan Chase and Wells Fargo joined the ranks of major global banks disclosing exposure to bitcoin through investments in spot bitcoin ETFs launched in January, according to 13F filings.
JPMorgan disclosed investments totaling $731,246 in BlackRock’s iShares Bitcoin Trust (IBIT), Bitwise's Bitcoin ETF (BITB), Fidelity's Wise Origin Bitcoin Fund (FBTC), and Grayscale Bitcoin Trust (GBTC), with the majority, $477,425, in IBIT.
Meanwhile, Wells Fargo reported a $141,817 investment in Grayscale’s GBTC in the first quarter. This move follows similar disclosures from BNP Paribas and BNY Mellon, indicating a growing trend among traditional financial institutions, despite their relatively small exposures.
Block Chief Executive Office Jack Dorsey expressed a bullish outlook for bitcoin (BTC) during an interview on Pirate Wires with journalist Mike Solana.Dorsey predicted that the price of bitcoin could reach «at least a million» by 2030 with potential for further growth beyond that point. He emphasized that bitcoin's price, while significant, isn't the most interesting aspect of the cryptocurrency. Instead, Dorsey highlighted the collaborative nature of the bitcoin ecosystem.
Dorsey also discussed his recent departure from the board of BlueSky, a
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