JPMorgan plans to launch bitcoin fund

JPMorgan is trying to keep up with the growing institutional demand for bitcoin.

The sharply growing demand for the firstcryptocurrency has forced former skeptics and critics to change their stance on Bitcoin.

CoinDesk reports with reference to itssources, JPMorgan will allow its high net worth clients to invest in bitcoin through an actively managed fund. According to sources, one of the largest US banks will launch an investment vehicle for BTC this summer.

New York Digital Investment Group (NYDIG) is expected to provide custodian services for JPMorgan. 

Over the past year, in the eyes of large investors, Bitcoin has transformed from a risky asset to a primary hedge against inflation. 

Publicly traded companies like TeslaWeWork and Square have already exchanged part of their cash reserves for Bitcoin. Even the San Francisco Deputy Sheriff's Association (SFDSA), a non-profit organization dedicated to supporting law enforcement families and communities, has announced the inclusion of BTC in its "all-weather" investment portfolio.

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