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JPMorgan Chase & Co.,the largest bank in the United States and one of the largest banks in the world is reportedly launching a bitcoin-dedicated fund for its rich clients as soon as this summer.

As bitcoin continues to evolve as a premier deflationary hedge, traditional financial institutions continue to find ways to grant their clients access to this burgeoning asset class.

According to a report from Coindesk, sources familiar with the matter revealed that JPMorgan is set to debut a bitcoin fund that will allow its high-net-worth investors to invest in the flagship cryptocurrency. Institutional bitcoin solutions provider NYDIG (New York Digital Investment Group) will provide custody services to JPMorgan. The actively managed bitcoin fund could be available as soon as this summer, the report indicated.

Even where skepticism and derision linger in the banking field, it’s abundantly clear that the previous disdain that the industry has held for the novel technology is just not possible anymore. JPMorgan CEO Jamie Dimon, for instance, labeled bitcoin a “fraud” back in 2017. Towards the end of last year, he asserted that cryptocurrency is not his “cup of tea” while stressing that governments will ultimately regulate the crypto industry more aggressively.

JPMorgan’s noticeable about-face comes on the heels of several other multinational banks looking to accelerate their involvement in the crypto industry. For instance, Morgan Stanley and Goldman Sachs recently announced plans to begin offering their clients access to crypto.

Beyond the banking sector, Silicon Valley behemoths like Elon Musk’s Tesla and PayPal have also jumped on the bitcoin bandwagon.

The move by JPMorgan proves two main things according to the creator of the popular bitcoin stock-to-flow model, PlanB.

First, PlanB noted that it shows that the bank is now interested in the price of bitcoin surging. Notably, bitcoin has continued to rise beyond the expectations of many in the past year or so. 

The top crypto was trading below $4,000 during March 2020’s Black Thursday cataclysm. The world’s most valuable cryptocurrency subsequently registered a face-melting rally, pushing its price to a new all-time high above $64,000 in April. It’s no wonder JPMorgan is launching a bitcoin fund for its clients amid the growing prices and demand for the cryptocurrency. In other words, JPMorgan does believe bitcoin will never be at this price range again in the future.

Secondly, the entrance of JPMorgan underscores the megabank’s confidence in the United States government not banning bitcoin. Pundits like Bridgewater Associates Ray Dalio have postulated that there is a good chance the U.S. could ban bitcoin. In truth, the government has stepped up its oversight on crypto in recent years. However, an outright ban on bitcoin seems blatantly implausible — and JPMorgan clearly knows this.

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