Dimon’s recent statements came in the middle of China’s strict bitcoin regulations and the consequent price decline. However, after such harsh statements, JP Morgan Securities Ltd., and Morgan Stanley purchased Bitcoin ETNs.


In brief:

JP Morgan Chief Executive Officer Jamie Dimon was reported calling bitcoin a “fraud”, but now, it has come into view that JPMorgan has purchased an instrument called Bitcoin XBT that tracks the bitcoin price.

It seems JP Morgan has been caught red-handed. It has been not so long that Jamie Dimon, JP Morgan CEO was reported calling bitcoin a “fraud” and that he would fire any employee from his firm who traded the digital currency for being “stupid.” Now, it has come into view that JPMorgan has purchased an instrument called Bitcoin XBT that tracks the bitcoin price.

Dimon’s recent statements came in the middle of China’s strict bitcoin regulations and the consequent price decline. However, after such harsh statements, JP Morgan Securities Ltd., and Morgan Stanley purchased Bitcoin ETNs. These two associated firms bought roughly 3M euro worth of XBT note shares, as per the public records of Nordnet trading logs. Notably, the JP Morgan team of buyers purchased the most XBT notes among the companies on the list, including Goldman Sachs and Barclays.

Moreover, apart from purchasing bitcoin notes, JP Morgan has applied for a “bitcoin alternative” patent with the U.S. more than 175 times without any success. This highlights the hypocrisy of both Dimon and the banking industry. According to some sources, the company is also involved in an ethereum-based blockchain along with Zcash development. With the ethereum project called “Quorum,” JP Morgan has its own Github repo.

Interestingly, former JP Morgan executives are riding the blockchain and bitcoin wave. Daniel Masters, the veteran commodities trader made an announcement in 2014 that he was starting a Bitcoin-based hedge fund. Similarly, Blythe Masters, another former JP Morgan entrepreneur, started her own blockchain startup Hyperledger.


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