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RE: Musing Posts

in #musing-threads6 years ago

 The answer may surprise you but it's Yes, banks invest heavily in bitcoin.
Here  is a non-exhaustive list of banks that invested in bitcoin in 2017:  Goldman Sachs, JP Morgan, UBS, BNP Paribas, Societe Generale, CityBank,  Barclay's.

By  investing in bitcoin, I mean either bought directly from bitcoin or  established partnerships with bitcoin and blockchain ecosystem  companies.
In  particular, 2017 saw futures trading on bitcoin (more info) on the  Chicago Stock Exchange, where investment funds and banks rushed.

Why are banks investing in bitcoin? Simply  because they understood that it had become a phenomenon too big to  ignore and that bitcoin would take a significant place on global  finance.

For  the anecdote, JP Morgan boss Jamie Dimon publicly stated in October  2017 that bitcoin was "stupid", a scam and would fire any of its  employees who traded bitcoin. The impact of the case was global, relayed in the media and bitcoin immediately dropped by 20%.
What did JP Morgan do in the wake? The same day, the bank took the opportunity to buy several million dollars of bitcoin. It  was only a manipulation of prices to buy bitcoin, which proves that he  did not think a word about what he said about bitcoin. Funny, no!