Unless you have been living under a rock for the past week, you will be well aware of JPMorgan CEO Jamie Dimon's panicked outburst with regard the 'fraud' that Bitcoin's 'tulip-like' bubble is. To paraphrase:
"It’s a fraud. It’s making stupid people, such as my daughter, feel like they’re geniuses. It’s going to get somebody killed. I’ll fire anyone who touches it."
Anecdotally, the post-Dimon collapse in crypto prices seems to confirm his view (though of course this is much more due to China concerns than a vested interest fearmonger), which makes us wonder... why is JPMorgan buying Bitcoin ETFs on European exchanges?
Nasdaq Stockholm has an actively traded Bitcoin ETN...
'Bitcoin Tracker One - SEK' is an open-end Exchange Traded Note incorporated in Sweden. The ETN is denominated in SEK and provides investors with access to the returns of the underlying asset, US Dollar per bitcoin, less investor fees. The average USD exchange rate of bitcoin from the exchanges:- Bitfinex, Bitstamp and GDAX provides the underlying reference price which is converted into SEK.
In the last few days - as the underlying price collapsed - the ETN has remained bid, with heavy inflows, and now trades at around 20% premium to Net Asset Value...
And guess who has been buying?
JPMorgan Securities was the 4th biggest buyer...
h/t @IamNomad
Which suggest two scenarios... Either
i) JPMorgan is buying for its own account at Dimon-manipulated-lower prices (remember Dimon said any trader who bought Bitcoin would be fored for being "stupid"), or
ii) JPMorgan is buying for clients, seemingly offering no sense of fiduciary care amid Dimon's warning to the world that the cryptocurrency is a fraud (is JPMorgan Securities knowingly allowing clients to buy securities it believes are a fraud?)
Which is it Jamie?
Source : http://www.zerohedge.com/news/2017-09-16/if-jamie-dimon-hates-it-so-much-then-why-jpmorgan-buying-bitcoin-europe
Disclaimer : This is not the real Tyler Durden! I read ZeroHedge every day to find the one or two best articles and reformat them for Steemit. I appreciate the upvotes but consider following the account and resteeming the articles that you think deserve attention instead. Thank you! Head over to ZeroHedge.com for more news about cryptocurrency, politics and the economy.
Creating the FUD narrative to influence markets at it's finest. Jamie Dimon and JPM's main goal is to make money. Understanding that one point is enough to not believe one word that comes out of his mouth.
The BTC market is so small the big banks can easily control and push the price around to elicit gains any time they want. They along with the rest of the financial sector have manipulated the gold and silver prices for years. They simply weed out the weak hands and acquire. Rinse and repeat.
I wish I had the power to decrease the price before I buy lol
The last dbl pic is perfect! Good post
EXACTLY CORRECT! Great post. Your two scenarios of their buying activity are spot on. I was talking about this with a bunch of other people and you are spot on. Thanks for this, there needs to be more clarification of what JP Morgan is doing here. People didn't understand the broker side and thought JP Morgan was buying outright for themselves, which they could be as you distinguished.
This is their whole business model! disrupt the market and start a panic then start buying assets when the prices drop! We need to resist them!
At least we can follow along and buy cheap as well.
You forgot, after they're done accumulating assets, they announce that they are buying them and are bullish on the assets in question, so everyone else jumps in because FOMO. It's quite literally a formula for wealth transfer.
I recommend everybody: "Think for yourself else others will do for you!" That's simple market manipulation by people who are playing big money games. If you see and hear the arrogant behaviour towards interviewers, investors, miners, employees of a bank who burned billions and even trillions of money in speculation with derivatives and other dubios finance products i ask myself how deep can someone fall to be employed in such sick system?
There must be many sleepless nights for consultants who sell worthless finance products to loyal customers every day.. and now try to get control over the crypto market too. Gosh! Many should open their eyes now and look behind the curtain. If someone begins shouting and blaming others what do you think.. you are wrong or he is wrong.. hmm. I'll stay patient and recommend everyone don't panic, don't let the manipulation scheme effect you! Stay strong in the FUD!
Thank you!
This is exactly the behaviour I expect from such players. I reckon that, unless there's a purge and immediate cessation of buying/trading of BTC by JP Morgan, this statement and taking advantage of the plunge in price should be investigated by the SEC as blatant market manipulation.
Thanks!
The Bankers Model
2.Get the government puppets to regulate it
Dimon is doing this....he knows the potential and the threat bitcoin places. In his interview, he said that the first thing governments want to do is control their currency by going through central banks. Governments dont control the currency, the banksters do.
The bankers will manipulate the crypto market just like they do the gold and forex markets. People need to hold their coins....keep it out of the hands of the bankers.
The objective was to create panic and then buy the asset for himself at a cheaper rate. It is our fault that we reacted to it and paid the price.
Disclaimer: I am just a bot trying to be helpful.
a lot of argumentation arises because of cryptocurrencies popularity...rich are getting richer...they invest in bitcoins to increase their wealth
Its so obvious JP Morgan and the CEO were buying Bitcoin after the chaos they caused.
@zer0hedge you raise interesting points - I personally would not believe a word Mr Dimon says!
Upvoted and followed your content is insightful and evidence-based! Let me know what you think of my new series Crypto Nights on my blog - would be interested in hearing your thoughts!
Alex
Isn't that something, humorous
Would you believe this guy for not owning bitcoin?
Another good piece. Been asking myself the same question about J.P. Morgan. We will see.🐓🐓
Spamming comments is frowned upon by the community.
Continued comment spamming may result in action from the cheetah bot.
I hope you can see from the flag OP dropped on your comment that begging for upvotes and follows will harm your account more than it helps.
Please don't do this anymore.