Quick Update: Chase Bank (JPMorgan) Bought Bitcoin Right After Jamie Dimon Insulted It
Hi everyone. This article will be an extension to our previous article about the Crypto Market Fall, with the news that JP Morgan Chase Bank bought Bitcoin even after Jamie Dimon (their current CEO) called it a "fraud."
Chase Bank Caught Buying Bitcoin
JP Morgan Chase Bank's CEO Jamie Dimon released many insulting comments about Bitcoin this past week, calling it a "fraud" and comparing it with "tulip mania," and combined with China's recent Bitcoin legislations this caused quite a dip in the price of BTC. As Reddit users joked around that Jamie Dimon released these comments to dip the price so he could buy it in cheap, it turns out his company Chase Bank did exactly that.
One Twitter user caught his company buying an excessive amount of Bitcoin on an exchange:
— I am Nomad (@IamNomad) September 15, 2017
The image shown above shows an exchange (in a foreign language), where "JP Morgan Securities LTD" is revealed to be one of the highest buyers. The exchange shown is XBTProvider, which sells assets pegged to Bitcoin, meaning JP Morgan (Chase Bank) did invest in Bitcoin.
There are many possibilities for what could've happened; it's possible this was set-up to get JP Morgan a low BTC price for buying. It's even possible this wasn't set up; perhaps nobody listens to Jamie Dimon, including his own company and even his daughter (who bought BTC as well).
Either way, this is pretty ironic for Dimon and Chase Bank :)
Thanks for reading,
— @mooncryption
image source: Twitter user @IAmNomad, linked directly in the quote
Nice
Thanks!
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for some strange reason I didn't fell off my seat reading this news.
Haha, I guess this isn't unexpected or surprising news when it comes to these bankers like Dimon ;)
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Very interesting article. I am a rookie and was wondering do you think Bitcon will increase again or continue to decrease?
I definitely believe Bitcoin will increase again in the future and I think cryptocurrencies in general have a lot of potential.
I think both things will occur. Bitcoin is known to be somewhat volatile; it's part of what attracts the investors it does. I expect it will go up again. There is currently a large order of 2730 BTC on Bitfinex that is holding the price at $3620. (That's almost a $10million order) At least this whale seems to think it will likely rise.
They played the game well. LOL
Yeah, this is pretty funny (and shameful) of Dimon; just hours after his original comments, Reddit posted this:
Looks like they predicted it right :)
image source: "This is How Jamie Dimon Buys Bitcoin" on Reddit
LOL They are always several steps ahead of the typical investor.
good strategy indeed 😂 u should read this @zyrawr @jjatico6
Yeah, either Jamie and his company played a funny trick on the market (lol) or maybe his company just doesn't want to listen to him! 😂
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Good Post. Thanks for sharing this post.
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