Mr. Dimon, the CEO of JP Morgan said many bad things about bitcoin, let’s take a quick look at what he said:
“If you were in Venezuela or Ecuador or North Korea or a bunch of parts like that, or if you were a drug dealer, a murderer, stuff like that, you are better off doing it in bitcoin than US dollars,”
Dimon finished by saying that bitcoin is a fraud and that hi will fire employees who traded bitcoin. This is very strange, because in the last few days as the prices collapsed JPMorgan was a big buyer of Bitcoin exchange-traded notes in Bitcoin XBT.
Bitcoin XBT is an investment vehicle allowing institutional and retail traders to invest in bitcoin through strictly regulated channels in the public stock market.
There are two possible scenarios. First is that Dimon wanted to cause a panic to create a good buying opportunity. The second and more likely scenario is that traders at JPMorgan bought bitcoin for their clients.
Either way, it isn’t good for the reputation of JPMorgan.