Four years after calling cryptocurrencies a “scam,” US investment bank JP Morgan Chase is now actively working to hire developers to develop Ethereum and blockchain.

JPMorgan posted these positions on Glassdoor, a US-based job site.

The company is looking for developers with experience writing smart contracts, implementing business applications, and verifying cryptographic protocols on the blockchain.

The announcement is an interesting shift in JP Morgan’s tone after many years of deeming bitcoin a scam.

In 2017, Mr. Jamie Dimon, the current CEO, stated:

Cryptocurrencies are worse than tulips

I will fire any JPMorgan trader who deals with cryptocurrency.

To change the outlook completely after the boom of Bitcoin and prove itself, and its adoption by different institutions and companies.

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Is JPMorgan ready to join the crypto space?

The hiring announcement may be a good sign that JPMorgan has finally joined the wave of financial institutions embracing crypto and blockchain technology.

The bank stated that it will be ready to deal with cryptocurrencies as soon as there is enough institutional demand for the company to seek exposure to it.

JPMorgan also supported the narrative of allocating 1% of bitcoin to a hedge fund, highlighting a decline in dollar and other liquidity storage, and a reliance on hoarding large amounts of bitcoin.

Data from Glassnode shows how the liquid supply of Bitcoin is declining as large holders and miners increase their positions in the market.

This graph measures the amount of # bitcoin which are held by institutions and individuals for the long term. Strong hands grow. pic.twitter.com/z4MI6rbXLS

– DocumentingBTC 📄 (DocumentingBTC) April 20 2021

About 78% of all bitcoin in circulation are lost or suspended, leaving just under 4 million bitcoins in circulation.

One example of institutional hoarding of bitcoin, Grayscale, holds more than $36 billion worth of bitcoin.

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Grayscale’s asset manager recently reported $50 billion in total assets under management (AUM), although that number has changed due to recent price drops.

More Institutions Coming for Cryptocurrency:

Another institution that is expanding its horizons on cryptocurrency is Chicago-based Rothschild Investments.

It recently acquired 265,302 shares of the Grayscale Ethereum Trust, valued at $4.75 million.

In addition, the company purchased 8,000 shares of the Bitcoin Trust, and now owns a total of 38,346 shares.

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