After several years of opposing cryptocurrencies and even calling it a fraud at some point, behemoth investment bank JP Morgan Chase & Co. has announced that it is hiring developers for Ethereum and blockchain development.
The job listing was published on Glassdoor, a renowned US job and recruitment website. The firm noted that it is looking to hire developers with experience in writing smart contracts, implementing business applications, and authenticating cryptographic protocols on the blockchain.
The recent development is a surprising change of stance for the company towards cryptocurrencies, considering how antithetical JPM was on Bitcoin (BTC). in 2017, famously stated that crypto assets were “worse than tulip bulbs.” He also asserted that he would terminate the appointment of any JP Morgan employee dealing with cryptocurrencies.
Bitcoin’s Supply is Fizzling Out
The recent job posting could be a sign that JPM is joining the financial institution train hopping on crypto and blockchain technology. The US-based banking giant noted that it would begin dealing with cryptocurrencies once a certain level of demand from customers seeking crypto exposure gets met.
Recently, JP Morgan advised investors to allocate 1% of their portfolio into Bitcoin as a hedge, highlighting the declining supply of BTC due to large investor purchases. Glassnode recently revealed that the liquid supply is plummeting as whales and miners hoard and increase their holdings.
Reports show that about 78% of all Bitcoin in circulation is lost or being HODLed, leaving a measly 4 million BTC to trading. An example of institutional hoarding of Bitcoin is Grayscale, which currently holds over $36 billion worth of BTC. Grayscale recently revealed that it has $50 billion in total assets under management.
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