Should Jamie Dimon be prosecuted?
Last week, Jamie Dimon (CEO of JP Morgan) brought a flood of criticism on himself after calling Bitcoin a fraud. He lost the respect of many crypto enthusiasts, including mine by stating things that are simply not true and by feeding to the FUD in the market. After Jamie did his say at a banking industry conference, the price of Bitcoin went down quite dramatically and dipped below $3000, shedding over a grant per BTC in less than 24 hours.
However, the market quickly recovered and until last weekend remained closed to $3800. Interestingly though, it became apparent that JP Morgan was buying BTC at the low point of the day on the 15th of September. This, even though Jamie publicly stated he would fire any trader trading BTC for being 'dumb' and 'dangerous'. Clearly a lie as I doubt these traders are fired after making a ton of money. Whether it was for clients or directly for them selves doesn't matter to me. Surely if you consider something a fraud, you do not offer it to your clients?
Many people see his actions for what they truly are. A way to make the market dip, so his traders and his friends can buy in cheap, while other investors were harmed by his actions. Sure the term HOLD (or rather HODL) is there for a reason, you don't sell your coins at a loss, but still people got scared and sold. And they suffered. And larger whales profited.
Obviously this type of action wouldn't normally have such an effect on the the traditional market for 2 main reasons:
- The traditional markets are more mature, more liquid and much less volatile;
- Those markets are supervised by a watch dog, meaning this type of behavior would be seen by the authorities based on the trades made and the intent would be blatantly obvious.
Though the market is not mature yet, there is still a chance that Jamie Dimon may face market abuse charges. Blockswater, an algorithmic trading firm, filed these charges at the Swedish Financial Supervisory Authority against JP Morgan Chase and it's CEO. The complaint notes among other things that Jamie should have known his statements would affect "the cryptocurrency's price and reputation". In addition, he "knew, or ought to have known, that the information he disseminated was false and misleading."
The fact that JP Morgan Chase was trading on BTC and derivatives prior and after his statements makes a case stronger for market manipulation charges.
What do you think, should Jamie be charged and prosecuted for what he has done? Should JP Morgan Chase pay a fine?
Let me know in the comments below.
Stay tuned!
Images:
https://bittrex.com
http://www.chingyutan.com/articles/jamie-dimon-bitcoin-endgame-exposed/
References:
http://www.cityam.com/272451/jamie-dimon-faces-market-abuse-report-after-his-comments
https://cointelegraph.com/news/chase-bank-buys-bitcoin-even-as-jamie-dimon-rejects-it
https://cointelegraph.com/news/ceo-of-jp-morgan-chase-warns-govts-will-ban-bitcoin-crypto-worth-nothing
https://www.cointelegraph.com/news/criticizing-bitcoin-could-backfire
Yes I think he should be charged with market manipulation and prosecuted accordingly even though I would neither be shocked nor upset if he doesn’t. It would send the wrong message and other influential figure could follow suit.
@tytran I agree with you. Even if this happens or not, what happened gives a message and something new adopters need to learn. HOLD is the key word, and don't oay much attention to the media, but instead read and learn about the different blockchain projects. What do you think? Just upvoted your comment. @gold84
Couldnt agree more. If done in any other market, he would probably already have been arrested.
Am i the only one hoping he makes more comments to drop the price? I'm trying to accumulate!!!
Haha, too late now mate. need a new high first now! I think...
@attalis thanks for sharing this news. I think something has to be done with people that have a strong power and that simple words can create the reaction they made. And more over when his company is doing the contrary of what he is saying. What are your thoughts. Just upvoted. @gold84
Yep, he should be behind bars for influencing the market, and making a profit from it... that's just plain criminal...
A complete douche that guy is!
Amen!
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I wonder when will this volatility decrease. If a statement can have such an impact, just imagine when governments start taking dramatic actions to control the digital currency values.
Yes though i doubt he himself is the reason for the drop. it was just another trigger for a market already about to go down. But he knew that and should not have acted in the way he did.
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