JPMorgan Chase is Buying Bitcoin, So Why is Jamie Dimon Calling it a Fraud?

Oh the irony.

JPMorgan Chase CEO Jamie Dimon has been widely reported as bashing Bitcoin and cryptocurrency in general. Speaking at CNBC‘s Delivering Alpha conference, Dimon was asked a direct question as to his belief that Bitcoin was a fraud. Dimon separated Blockchain (Distributed Ledger Technology) from cryptocurrency. But then he attacked cryptocurrencies and said they were like Tulips.

Dimon said “it wasn’t a real thing” and eventually the government will “shut it down.” The emperor will have no clothes. Dimon did agree that Bitcoin probably was a better bet than currency in say, Venezuala, but his premise was the Feds will eventually roll and put a halt to the cryptocurrency phenomenon. Governments always want to keep control.

Yesterday, the Tyler Durden crew at ZeroHedge shared an interesting fact. JPM is purchasing BTC ETFs on European exchanges and they have screen captures to prove it. As the price of BTC tumbled the report highlighted that JPM was the fourth largest buyer with a steady bid. You gotta love it.

So why is JPM buying so much crypto when they believe it is bogus? Well it could be for a client account and at their request. But it could be for their own account. And why not? Traders love volatility and in recent weeks with the news out of China slowing BTC’s rise there has been plenty of it. Dimon was quoted saying he would fire any JPM trader who was in the Bitcoin market as it is “against our rules and they are stupid.”

So I wonder, who is the JPM trader who gets the boot tomorrow?

Jamie Dimon: Governments look at bitcoin as a novelty from CNBC.

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  • nano

    The danish exchange is one such example, of course you cant see that they are buying ETFs, only that they are investing a paltry 160k USD into the company which handles this transaction (for all we know they are buying stock in the company itself). As the average transaction price is 130 USD for this particular account, and they have a sell-point at just a few dollars higher, this seems to rule out owning BTC itself, or at the very least, indicates that they got in relatively early. And this begs another question, which journalists “reporting” on this story continually fail to address. If JPMorgan is buying into BTC now, why are they going out of their way to crash it? A pump and dump would be far more profitable, and they would be well poised to pick up the pieces after the crash. Instead, they are going to invest first, then crash later, because reasons? This inconsistency makes me more suspicious about the intentions of the article authors, rather than JPMorgan.

  • Jon Blowhard

    Jamie should get rid of all those new fangled computer thingys too at JPMorgan, maybe he can convince his customers to go back to using check books too?

    • crowdfundinsider

      Thats funny. JD