You can't make this stuff up: JPMorgan considering getting into Bitcoin Futures trading
You can't make this stuff up.
A few months after JPMorgan CEO Jamie Dimon called bitcoin a "fraud" and something he said his traders would be fired for trading.
Today his firm is considering providing clients with access to CME's new bitcoin futures product.
Reread that last part...
His firm is now looking at offering bitcoin products to their clients.
Are you kidding me?
I kid you not!
With news out yesterday that CME is hoping to have bitcoin futures products officially launched by December 11th, many are looking to participate, including big banks.
More on the CME futures launch can be read here:
If JPMorgan does indeed do this, it looks like Jamie is going to have to fire his entire trading staff!
Some notable quotes about bitcoin by Mr. Jamie Dimon:
"If you're stupid enough to buy it, you'll pay the price for it one day."
"The only value of bitcoin is what the other guy'll pay for it."
"Honestly I think there's a good chance of the buyers out there are out there jazzing it up every day so that maybe you'll buy it too, and take them out."
"It's just not a real thing, eventually it will be closed."
"It's worse than tulip bulbs. It won't end well. Someone is going to get killed."
“It’s a fraud.”
“I’d fire them in a second. For two reasons: It’s against our rules, and they’re stupid. And both are dangerous.”
Pot calling the kettle black much?
Funny how things can change so quickly.
Here's McAfee taking the opposite of Dimon's trade:
Stay informed my friends.
Sources:
https://www.cnbc.com/2017/11/21/jpmorgan-reportedly-getting-into-bitcoin-futures-trading.html
Image Sources:
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I've never trusted anything that comes out of Jamie Dimon's mouth.
Indeed, what you CAN rely on is the money grubbers going wherever there is money to be grubbed!
Clearly something has changed recently.
I don't think anything changed really. I think Dimon talked negatively about Bitcoin while secretly working on a project that incorporates Bitcoin. I'm pretty sure all banks see the potential in blockchain. They are just waiting on the "right" time to publicly be involved. They have incredibly smart financial analysts, so they would be stupid to not be involved in the crypto world in some way. They are either waiting for the right time or they will make the right time.
Extremely interesting in what the speaker was saying about the banks are only interested in the blockchain so they can manipulate it to serve themselves , but bitcoin will not allow them. Look at it from another angle. Blockchain is decentralise but exchanges are not.
All major banks around the globe have been working on blockchain related stuff for at least a year. It is nothing new that they put effort in, the only odd thing with JPM is its CEO who publicly talked bs on crypto.
I agree, it would be naive to assume a company such as JPMorgan would contradict themselves in such a way without having a strategic angle they were planning to make a move from. Good collection of news that sheds light on these interesting times.
If only we knew now what we will know then!
It simply is the way to make profit.
The economy is going into blockchain tech.
100% agree!
Programming is the main skill of current economy, those who understand that will rule tomorrow's world!
This is no surprise. Never, ever, ever believe a word a banker says. They are notorious for saying one thing and doing the exact opposite. Of course, less than 48 hours after Dimon made his first comments, it came out that JPM was buying Bitcoin on a foreign exchange.
It all comes down to the fact that JPM can make money off the futures market...they will. They have no moral substance..it is all about the money. Dimon is nothing but a con man...but, then again, he is a banker.
This explains the 'change of perspective'...
Most of WS was calling BTC fake while buying it up by the truck loads.
Lastly, if people like Mad(e)off don't wake the people up, then, the cycle will continue to repeat itself.
Peace.
Thank you for your comment. I agree people need to wake up, but, sadly, they wont.
That is okay because there is a new paradigm that is emerging which will do for the people what they cannot do for themselves: break the banksters stranglehold. Wall Street is in charge right now...they own and control basically everything. However, they cannot control crypto nor the blockchains under them. This is the major breakthrough for freedom.
@taskmaster4450 the shift might come from another direction altogether. There are many elites in government wearing these odd boots.
Could this be a paradigm shift of another kind?
Peace.
I have a feeling there are many shifts already starting to take place and many degrees of awakening. Some are leading the charge helping to bring the message to others while many are going to internalize and understand things at a later date.
I am of the belief that many WANT to remain dumbed down. If shown the truth they nestle their attention back into their palm device; and deny everything happening around them. I’m sure it’s by design…a clear form of mind control for the masses.
Peace.
I agree with that...they do.
People want to remain in their comfort zone and the system is designed to make them feel warm and fuzzy. As long as their weekly telephone program is on, they could care less what is going on around them.
Perhaps, they're the wiser ones. :+) ✌
Interesting.
when Jamie Dimon said BTC is a scam, he instructed JPM o scoop up BTC on the dip. You see if you have enough market share, you can manipulate the market.
this.
As much as I think he's wrong about bitcoin, there's nothing hypocritical about this. In fact futures contracts will allow him to put his money where his mouth is by shorting bitcoin.
Good point
They already own zCash anyway...
Change of heart or manipulation?
https://steemit.com/bitcoin/@xsid/jp-morgan-and-bitcoin-change-of-heart-or-manipulation#
Wow, that's just so sad.You have to have an open mind to be able to see the future. Dimon's stance is a reflection of Wall Street's defensive posture and attempts to downplay one of the biggest existential threats to the banking industry. Bitcoin is a decentralized digital currency that relies on blockchain technology and isn't controlled by banks or governments.
I believe strongly that he had recognized the inevitable long before now, but probably out of pride did not want to make a statement, but probably there is pressure on him to join the train now, so he had no choice but to withdraw his previous statement.
So it his bitcoin vow only lasted 24 hours. I can stilk remember this "If you're stupid enough to buy [bitcoin], you'll pay the price for it one day,"
Probably its now a real thing, and it is not worse that tulip balls. Haha.