At a recent appearance during delivering the Alpha conference last week, JP Morgan boss Jamie Dimon openly expressed his harsh criticism for Bitcoins calling it a “fraud”. Further stating he said:
“It’s worse than tulip bulbs. It won’t end well. Someone is going to get killed. Currencies have legal support. It will blow up.”
Following this, the cryptocurrency markets had witnessed a huge sell-off with the price of Bitcoin cracking up to more than 10-15% in just a matter of few hours. The markets slipped further when China announced to ban ICO after Jamie’s comments. However, Jamie, received a lot of criticism later on as many of the well-known financial analysts also commented that Jamie seems to have very little understanding of this emerging financial technology.
Even after all the criticism coming from the head of JP Morgan, it has been found that this financial bank continues to act as an agent for the buyers and sellers of Bitcoin XBT. JPMorgan spokesman Brian Marchiony said:
“JP Morgan has been routing customer orders for bitcoin-related instruments. JPMorgan does not take positions in the instrument with its own capital and routes the orders electronically to exchanges”
During the interview last week, Dimon had said:
“If we have a trader that trades bitcoin, I would fire them in a second, for two reasons: It is against our rules and they are stupid, and both are dangerous.”
This puts a serious question on the bank’s reputation that why is the bank involved and still continuing to perform Bitcoin-related trades even when its own head thinks otherwise. Does this expose the hypocrisy in the bank’s behaviour? Or was Jamie Dimon just playing a gimmick?
Another recent move from the Wall Street giant which can raise some serious questions about its stand is the recent posting of a job advertisement that shows JP Morgan looking for a job technician. The job listing reads:
“The Blockchain Center of Excellence (BCOE) leads efforts for applications of distributed ledger technology (DLT) within J.P. Morgan. We are exploring Blockchain use cases and piloting solutions across business lines. We are active in the Blockchain ecosystem: developing technology, investing in strategic partnerships, and participating in industry consortia.”
There is no denial to the fact that many many financial institutions including JP Morgan have been investing in Blockchain Technology (which back Bitcoin). Many banks and financial institutions strongly believe that it could be used for future trades purposes.
All these new circulation JP Morgan leaves us to question that how right it is for such big financial institutions to create an atmosphere of volatility and panic through their opinions.
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