JPMorgan Unexpectedly Reverses On Bitcoin, Says "Open-Minded To Regulated Use"
And here comes Citi, realizing it desperately needs to get on the bandwagon now before it's too late:
CITI CFO SAYS CRYPTO AND DIGITAL CURRENCIES 'WORTHY OF EXPLORATION'
It's probably not a coincidence that on the day bitcoin hit new all time highs above $5,200, and just over a week after the WSJ reported that Goldman is planning a bitcoin trading operation, JPMorgan seems to be changing it tune.
With Bitcoin soaring nearly 100% from the bottom of the sharp selloff following Jamie Dimon's slam of cryptocurrencies as "frauds" exactly one month ago today, bitcoin was one of the more popular topics on today's earnings call, where JPMorgan CFO Marianne Lake confirmed what everyone already knew, namely that the technology underlying bitcoin - blockchain - is something the bank is investing in, and is "very optimistic" about the underlying technology of distributed ledgers and blockchain.
However, what was more interesting is that when asked whether the bank would consider looking at opportunities in digital currencies, Lake responded that JPMorgan is "open-minded" to potential use in the future for cryptocurrencies that are regulated.
This just one month after her boss, JPM CEO Jamie Dimon lashed out at the cryptocurrency, calling it a "fraud" which is "worse than tulip bulbs. It won't end well", will "blow up" and "someone is going to get killed." Oh, and that "any JPMorgan trader trading bitcoin" will be "fired for being stupid."
Fast forward one month, when bitcoin just hit a new all time high due to relentless demand, having completely ignored both China's ban of exchange trading and Dimon's rant, and with everyone - including Goldman - wanting to be part of it, JPMorgan clearly has no qualms about its "fiduciary obligation" when it comes to taking clients' money to help put them in what it has called - on the public record - a fraud.
That said, Jamie Dimon was far less verbose today, and as Bloomberg notes he wasn't keen to talk about bitcoin again when asked about the cryptocurrency during today's call. Dimon said “I wouldn’t put this high in the category of important things in the world, but I’m not going to talk about bitcoin anymore.” Later he added that JPMorgan moves trillions of dollars a day “effectively digitally” today. "It’s not cash," he said.
Suddenly portraying itself as one of the biggest supporters of crypto tech, Lake said the bank is "at the forefront of trying to look at the efficiency, scaleability of the platforms" and use cases for clients. Lake added that blockchain is "transformational for the financial services industry" and the bank is "working hard [and] investing money" in it.
Still, Lake said the bank is "very open minded to the potential use cases....for digital currencies that are properly regulated" though that area is "quite nascent." Which, needless to say, sounds quite different from "we will fire anyone who is caught trading that tulip bulb fraud"...
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spastic_colon's picture
spastic_colon Oct 12, 2017 9:12 AM
sell mortimer (jamie) sell!!
Life of Illusion's picture
Life of Illusion spastic_colon Oct 12, 2017 9:15 AM
needed an entry point
dasein211's picture
dasein211 Life of Illusion Oct 12, 2017 9:17 AM
EXACTLY!!! I entered some more as well!! Put a little more tip in.
BaBaBouy's picture
BaBaBouy dasein211 Oct 12, 2017 9:22 AM
Jimmy Smells MONEY, PROFIT. . .
mpnut's picture
mpnut BaBaBouy Oct 12, 2017 9:23 AM
Say bad things before buying... Say good things after they buy.. Say better things after they sell.. Nothing new
tmosley's picture
tmosley mpnut Oct 12, 2017 9:26 AM
This fucking douchebag needs to be investigated.
For lots of things, not just this shit.
TeamDepends's picture
TeamDepends tmosley Oct 12, 2017 9:40 AM
Fuck you Jamie, you can NOT REGULATE BITCOIN!!! Your days are numbered.
SoilMyselfRotten's picture
SoilMyselfRotten TeamDepends Oct 12, 2017 9:45 AM
Should be fun to hear in the future how many quarters JPM will go without a losing BTC trading day.
BennyBoy's picture
BennyBoy SoilMyselfRotten Oct 12, 2017 9:47 AM
It took Dimon long enough to figure out how to fuck over clients with spoofing, rigging and plain old fraud.
tmosley's picture
tmosley SoilMyselfRotten Oct 12, 2017 9:48 AM
TBH, it's easy to do when you're long.
YUNOSELL's picture
YUNOSELL tmosley Oct 12, 2017 9:56 AM
"as long as it's properly regulated" is code for "as long as (((we))) control it"
GunnerySgtHartman's picture
GunnerySgtHartman spastic_colon Oct 12, 2017 9:37 AM
The owner of cryptocoin XRP says he's all for government regulation of initial coin offerings.
https://www.cnbc.com/2017/10/12/ripple-ceo-regulators-right-to-ban-fraud-cryptocurrency-sales.html
TeamDepends's picture
TeamDepends GunnerySgtHartman Oct 12, 2017 9:42 AM
Sure, because Ripple (XRP) was created by the banksters. Which is why we won't touch it.
Bill of Rights's picture
Bill of Rights Oct 12, 2017 9:12 AM
Shocked to see gambling in this establishment...
CatsPaw's picture
CatsPaw Bill of Rights Oct 12, 2017 9:18 AM
I spilled my drink!
covfefe MICdotard's picture
covfefe MICdotard CatsPaw Oct 12, 2017 9:45 AM
That article around here the other day about JPM desk traders bragging about making a killing is the bars the other day comes to mind.
(I can't remember if it was the article, or just anecdotes that came out in the comment section).
Evidence is building that JPM is using massive leverage, both with buying & selling, & with jawboning, to manipulate the shit out of BTC as if it were a pink sheet stock.
This comment by Dimon, under that pretense, would sure be a 'sell the rip' indicator.
bigdumbnugly's picture
bigdumbnugly Oct 12, 2017 9:12 AM
MBGA
Theta_Burn's picture
Theta_Burn Oct 12, 2017 9:14 AM
Uh oh, who will open that 1rst BTC desk? JPM or Goldman?
I so regret not buying into this farce..
syzygysus's picture
syzygysus Oct 12, 2017 9:16 AM
well at least the tulip bulb 'fraud' actually had tulips backing it.
what about fractional reserve banking? full faith and credit?
what about bitcoin? distributed ledger and ?
brucyy's picture
brucyy Oct 12, 2017 9:14 AM
Or course you are jamie. Of course you are.
Ntoxic8ingWave's picture
Ntoxic8ingWave Oct 12, 2017 9:17 AM
Yah, regulated by the people you banking demon!
Son of Captain Nemo's picture
Son of Captain Nemo Oct 12, 2017 9:18 AM
And why wouldn't he?... Jamie already has mined many thousands of "Buttcoins" pre and post this announcement!
You see... HE HAS FRIENDS IN HIS "COMMUNITY" WHO HAVE A PRINTING PRESS!
To Infinity And Beyond's picture
To Infinity And... Oct 12, 2017 9:18 AM
Interpretation:
If people are stupid enough to throw their money away on stupid shit I may as well pick it up.
Hell, I tried.
dasein211's picture
dasein211 Oct 12, 2017 9:19 AM
They do see their influence waning. Anyone with half a brain knows banks will be obsolete in 10 years. And you’ll be able to hold and buy stocks and bonds directly once again. No bastard prop desk fees or fund fees.
samsara's picture
samsara dasein211 Oct 12, 2017 9:22 AM
10 years, Hmm, will Puerto Rico have internet access by then?
tmosley's picture
tmosley samsara Oct 12, 2017 9:26 AM
Who cares?
samsara's picture
samsara tmosley Oct 12, 2017 9:32 AM
If all their "Wealth" was in Bitcoins, They would
tmosley's picture
tmosley samsara Oct 12, 2017 9:40 AM
If their wealth was in bitcoins, it is perfectly safe. Just get off the island, and go buy your own. Easy.
samsara's picture
samsara Oct 12, 2017 9:20 AM
Regulated Use"
Code word = controlled
Havoc Squad's picture
Havoc Squad Oct 12, 2017 9:21 AM
Ripple = Banker attempt to hijack crypto.
GlassHouse101's picture
GlassHouse101 Oct 12, 2017 9:23 AM
Jamie was finally clued into the plan. Get the masses used to cryptocurrency now, then ban ALL of them except one (THE ONE WORLD CURRENCY)
Philo Beddoe's picture
Philo Beddoe GlassHouse101 Oct 12, 2017 9:28 AM
Curious how they will outlaw barter. No sarc.
I guess they are counting on most people having not much to trade.
Maybe Pedro and Paco can mow my lawn if I let them drink from the garden hose.
GlassHouse101's picture
GlassHouse101 Philo Beddoe Oct 12, 2017 9:29 AM
Barter will will be the only way to survive if you refuse the one world currency.
tmosley's picture
tmosley GlassHouse101 Oct 12, 2017 9:28 AM
No, you idiot. The plan was to jawbone it down with the help of the Chinese, and then buy, talk it up, and then dump it. Rinse and repeat.
It's what banksters do.
GlassHouse101's picture
GlassHouse101 tmosley Oct 12, 2017 9:30 AM
you're missing the big picture, but it's OK, you're pretty simple.
tmosley's picture
tmosley GlassHouse101 Oct 12, 2017 9:41 AM
No, you are just hallucinating a picture that you think is big because you are too much of a coward to admit that you might be wrong about something.
scatha's picture
scatha Oct 12, 2017 9:23 AM
It is JPM Mad House.
As long as fraudulent Bitcoin is regulated as is fraudulent fiat money (meaning under bankers control) everything is fine.
While it all means Bitcoin has been killed by Diamond kiss of death.
Here is what corrupting cryptos is all about. Leaving cryptos by their names only.
https://sostratusworks.wordpress.com/2017/06/01/tales-from-crypto-world-...
YCtheL's picture
YCtheL Oct 12, 2017 9:25 AM
all planned, and we all knew.
Siberian_Walrus's picture
Siberian_Walrus Oct 12, 2017 9:26 AM
What a piece of shit
wmbz's picture
wmbz Oct 12, 2017 9:27 AM
Pure B.S. these assholes have been buying all along.
Banksters always lie!
hotrod's picture
hotrod Oct 12, 2017 9:28 AM
So I can use my gold and silver too
TeaClipper's picture
TeaClipper Oct 12, 2017 9:29 AM
As if anyone in the crypto world gives a flying fuck what Jamie Demon and joopeemorgan think
semperfi's picture
semperfi Oct 12, 2017 9:30 AM
hey JPM, regulate this:
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El_geherg's picture
El_geherg Oct 12, 2017 9:30 AM
In other words, Dimon thinks he figured out a way to squeeze some shekels out of bitcoin. I would totally be shocked if he had personally bought some bitcoin right after his negative comments and sold them today for a profit, that would be so out of character.
Txpl9421's picture
Txpl9421 Oct 12, 2017 9:32 AM
But its a tulip. A damned tulip. It wont survive an EMP!
Its a ponzi scheme. Its only used by criminals.
I just don't understand it!!!!!!!
Just thought I would get these all out of the way.
FreeShitter's picture
FreeShitter Txpl9421 Oct 12, 2017 9:36 AM
Don't stroke out over it.
A82EBA's picture
A82EBA Txpl9421 Oct 12, 2017 9:37 AM
.01 have too much to lose from an emp , lost commerce, will defend at all costs
A82EBA's picture
A82EBA Oct 12, 2017 9:36 AM
My btc gains finally outweigh my gold losses
hedgin' bitchez
feels like im on a surf board in the curl
lester1's picture
lester1 Oct 12, 2017 9:40 AM
Bitcoin is a tool to get your money out of the corrupt fiat system. Central Banks cannot manipulate the price like they can with gold and silver.
bcking's picture
bcking lester1 Oct 12, 2017 9:47 AM
Amen, brother.
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