JPMorgan becomes the first big bank to give retail wealth clients access to cryptocurrency funds

SpaceX holdings Bitcoin on its balance sheet plus other highlights this week

Musk: Tesla to resume accepting Bitcoin, JPMorgan to offer retail wealth clients access to cryptocurrency funds, Goldman Sachs survey: 50% of family office clients want to get into crypto


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Quick Take:

  • Musk: Tesla is likely to resume accepting Bitcoin

  • Elon Musk reveals crypto holdings

  • Russian stock exchanges to avoid listing crypto-related securities

  • JPMorgan becomes first big bank to offer retail access to crypto funds

  • Goldman Sachs: 50% of family office clients want to get into crypto

  • Mastercard simplifies card payments for crypto firms

  • Fidelity: 71% of 1,100 institutional investors to invest in crypto

  • Bank of America clearing crypto ETPs for hedge funds in Europe


Elon Musk says that Tesla is likely to resume accepting Bitcoin

Speaking at the B Word Conference alongside Cathie Wood and Jack Dorsey, Tesla and SpaceX CEO Elon Musk stated that Tesla is likely to resume accepting Bitcoin again.

“I want to do a little more due diligence to confirm that the percentage of renewable energy usage [that is used in Bitcoin mining] is most likely at or above 50%,” Musk stated during the conference. “If so, Tesla will most likely resume accepting Bitcoin.”

During the conference, Musk revealed his personal cryptocurrency holdings and his corporate holdings. “I own Bitcoin, Tesla owns Bitcoin, SpaceX owns Bitcoin, I personally own a bit of Ethereum, and I hold Dogecoin of course,” he said.


Bank of Russia tells stock exchanges to avoid listing crypto-related securities

Russian stock exchange operators have been told to avoid listing any securities, such as exchange-traded funds, that provide payments based on the prices of cryptocurrencies, digital assets issued abroad, cryptocurrency price indexes, crypto derivatives and securities issued by cryptocurrency-related funds, according to a notice published by the Bank of Russia.

“Cryptocurrencies and digital assets are characterized by high volatility, low transparency of pricing mechanisms, low liquidity, technological, regulatory and other specific risks,” the bank wrote. “Purchase of investment products tied to them exposes people who lack experience and professional knowledge to a high risk of losing money.”


JPMorgan just became the first big bank to give retail wealth clients access to cryptocurrency funds

JPMorgan gave its financial advisors the green light to give all its wealth-management clients access to cryptocurrency funds, making it the first major US bank to do so, Insider has learned.

The bank, which has been making a significant push to grow its $630 billion wealth-management business, told advisors in a memo earlier this week that they can now take orders to buy and sell five cryptocurrency products, four from Grayscale Investments and one from Osprey Funds, effective July 19.


Goldman Sachs survey reveals almost 50% of family office clients want to get into crypto

A survey by Goldman Sachs polled over 150 family offices that work with the investment banking giant. It found that over 15% of participants have already invested in the new asset class. 22% of the surveyed family offices had over $5 billion under management, while 45% had between $1 billion to $4.9 billion AUM. 

In addition to the existing respondents that have delved into crypto, another 45% have shown interest in digital assets, citing that the new asset class could hedge against “higher inflation.” Many family offices agree that cryptocurrencies could be a safe haven asset, especially following a year of unprecedented global monetary and fiscal stimulus. 


More highlights:

FTX raise $900 million at an $18 billion valuation

Mastercard simplifies card payments for crypto firms

Fidelity: 71% of 1,100 institutional investors to invest in crypto

Bank of America clearing crypto ETPs for hedge funds in Europe

BNY Mellon backs launch of crypto trading platform Pure Digital

Gary Gensler says stock tokens & stablecoins must report to the SEC

Alabama regulators accuse BlockFi of offering unregistered securities


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