JPMorgan CEO Called Bitcoin A 'Fraud'; Now His Bank May Trade Futures

JPMorgan CEO Called Bitcoin A 'Fraud'; Now His Bank May Trade Futures

JPMorgan boss Jamie Dimon is considering a dramatic u-turn on bitcoin, according to reports.

The bank's surprising announcement comes as its Chief Executive Officer Jamie Dimon has been one of bitcoin's most prominent detractors on Wall Street.

What the difference was is that while JPMorgan Chase may be trading bitcoin-related products, the bank is not doing it with its own capital, so the trading is not proprietary, but more like brokerage-type of business. Interestingly, while Dimon may not see the value and legitimacy in Bitcoin, he is a big fan of the blockchain technology that powers Bitcoin and other cryptocurrencies. Many people in the cryptocurrency and Bitcoin community were offended by his comments that targeted the digital currency and its users.

JPMorgan to Offer Clients Bitcoin Futures? Since Dimon's comments, Bitcoin has managed to climb to a new all-time high price of $8350 and a total market cap valuation of over $139 billion.

Barclays revealed in July that it had opened up discussions with United Kingdom regulators about using digital currencies like bitcoin, and several other banks including Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Societe Generale have set up a consortium to build a cryptocurrency platform of their own. If JPM clients want to trade in BTC - JPM must facilitate it. Some of this increase is due, in part, to the growing acceptance of traditional finance that cryptocurrency is here to stay. He called the digital currency a "fraud", useful only for criminals and murderers. The article suggests that JPMorgan has been receiving an increasing number of requests from their clients regarding Bitcoin.

"Given increasing client interest in the evolving cryptocurrency markets, we have chose to introduce a bitcoin futures contract".



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