Jamie Dimon will have to take steps to reopen the operating rooms. Last week the CEO of JP Morgan had thundered against the bitcoin, boiling it as a "scam" and promising to lay off a single trader of his bank who had surprised to do trading on the cryptocurrency. Too bad that on Friday, while bitcoin had fallen to its most recent lows, the same JP Morgan entered the market to buy fully for its customers.
He did not do it directly because the big Wall Street banks do not invest on an unofficial instrument and without any guarantee, but through Xbt, an exchange traded note (Etn) quoted on the Stockholm Stock Exchange: it is a tool in Swedish kronor that it replicates the performance of the underlying, namely the bitcoin-dollar exchange rate, based on the ETF model. According to official data, on Friday JP Morgan Securities was among the main purchasers of the Etn certificates. And it was not the only one: together with Morgan Stanley they made purchases for a total of about 3 million euros.
There would be nothing strange, as it is a regularly quoted instrument. To raise some irony is the fact that Jamie Dimon intervened last Tuesday thundering against the bitcoin, accused of having given life to "a financial bubble worse than that of the tulips", which "would not have ended well"
A thesis already supported in the past by Dimon himself and other representatives of the banks of Wall Street, but this time his words have intervened in a market already nervous by the rumors of imminent actions to ban bitcoin in China. With the effect that the cryptocurrency has continued its downturn that led it from the peak of $ 12,000 touched a few days ago at the recent low below 9,000 on Friday afternoon. Since then, prices have rebounded above $ 9,600, a level confirmed even in these hours.