Argument on the Power of Bitcoin and the Deceit its Profits Breed

Recently JP Morgan's CEO boldly stated that Bitcoin and other alt currencies were frauds.

Meanwhile China bans (which is a more complicated subject requiring deeper analysis of implications) also fueled investors and miners alike to sell bringing the price down.

The most interesting of all events though is JP Morgan's traders purchasing Bitcoin in quite large amounts as you can see shared in @iamjosephyoung's twitter

It is important to note that while the trader's are most likely acting on behalf of investors simply as brokers, Dimon expressively stated that he would fire any JPM trader he found trading bitcoin.

This only goes to show that JPM is imdeed buying the dip as their analysts and traders advise investors on investment choices more often than not.

As Elizabeth Stark put it best

What do you think? Bitcoin here to stay?