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:
Follow me: @jrcornel
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.
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#
You know they're lying if their lips are moving...
(Almost) un-fucking-believable!
Seams like the penny has finally dropped or should that be Bitcoin :)
Lol, bitcoin just pooped in his face. Am just happy he put away his pride and accepted the truth now that it's still early. Crypto to the sky
Well considering that he bought on the dip, I'd say that he is probably stacked on bitcoin! LOL We all know that he said those things to drive down the price, and we all know the tune "sell high, buy low"
Yep, I quoted @vandigital - Rap Crypto
This is absolutely hilarious, and somewhat predictable. Banks/ gov. Pooh poohing cryptos then ( oh yah we are now involved ). May the saga continue :D.
Regardless the funny thing about Dimon having to swallow his words, this is a huge achievement for cryptocurrencies world, and a big endorsement for bitcoin.
Will this end well? Is that good or bad news for the crypto world?
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.
Trash it first to get a better price, then promote it after you get yours.
we knew this was coming... it won't be long before they are selling ETfs with cryptocurrency
It is known that Wall Street plans to wreck bitcoin while simultaneously shorting it. Interesting to see how it works out. The war is far from started and it will be a bloody one and a sight to see for sure!
I like it post.
The banks are jumping on the train! They want their share of money, that is obvious. And it doesn't matter if they make fool of themselves on behalf of previous statements ...
Jamie just tells us never trust bankers!
Yeah this is really no big shock like everybody else said. Bankers follow the money and if it goes to make them the most profit they will turn on a dime. Profit is profit no matter how it is done. Just have to wonder if this news is going to make the government look more at regulating Bitcoin as a whole though.
LOL. Yup, drama and controversial statements bringing eyes to cryptos. Just what we need :P
hypocrite!
Someone eating humble pie?
i see that bitcoin always incrased and its good info @jrcor
But they said it was a bubble!
https://steemit.com/bitcoin/@xsid/bitcoin-feeling-bubbly
Bitcoin is a bubble... It can only climb up in price when people sell altcoins. Eventually there isn't enough bitcoins to cover the sells and the price will go so high that it causes the whole blockchain to become unusable and that causes the bubble to burst.
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We all knew this was coming sooner or later. It's about profits.
"it looks like Jamie is going to have to fire his entire trading staff!"
Yeah, let's see how he will keep his words
Sooo the only value of basically everything??
Isn't JP Morgan invested in Ethereum? To think any of this is happening "behind the backs" of the bankers is naive. http://fortune.com/2017/02/28/ethereum-jpmorgan-microsoft-alliance/
It's not even April 1st, Fool's day yet but everyone on mass media is keep making jokes!
For me and my thought Jamie Dimon is giving me balance as to the future of bitcoin not these other crypto which may be worthless in the future. He is interested in bitcoin blockchain, therefore he is very interested in bitcoin. Maybe the government is playing games and staying away until they capture all the fishes in the sea, but time will tell. Thank you for the information Jrcornel. Upvote