Banks are Adopting Bitcoin for all of the Wrong Reasons

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JPMorgan became the first major bank to provide all its clients with access to Bitcoin and other cryptocurrencies. JPMorgan has over $3 trillion in assets under management, and it is the 4th largest in the world. The announcement comes shortly after China’s ban on mining and banking crypto. Banks are Adopting Bitcoin for all of the Wrong Reasons for it: high equity valuations, low bond yields, and higher inflation. But more importantly, banks needed to stop the client outflows. They are merely protecting their interests.