Hi everyone. This article will be an extension to our previous article about the Crypto Market Fall, with the news that JP Morgan Chase Bank bought Bitcoin even after Jamie Dimon (their current CEO) called it a "fraud."
Chase Bank Caught Buying Bitcoin
JP Morgan Chase Bank's CEO Jamie Dimon released many insulting comments about Bitcoin this past week, calling it a "fraud" and comparing it with "tulip mania," and combined with China's recent Bitcoin legislations this caused quite a dip in the price of BTC. As Reddit users joked around that Jamie Dimon released these comments to dip the price so he could buy it in cheap, it turns out his company Chase Bank did exactly that.
One Twitter user caught his company buying an excessive amount of Bitcoin on an exchange:
— I am Nomad (@IamNomad) September 15, 2017
The image shown above shows an exchange (in a foreign language), where "JP Morgan Securities LTD" is revealed to be one of the highest buyers. The exchange shown is XBTProvider, which sells assets pegged to Bitcoin, meaning JP Morgan (Chase Bank) did invest in Bitcoin.
There are many possibilities for what could've happened; it's possible this was set-up to get JP Morgan a low BTC price for buying. It's even possible this wasn't set up; perhaps nobody listens to Jamie Dimon, including his own company and even his daughter (who bought BTC as well).
Either way, this is pretty ironic for Dimon and Chase Bank :)
Thanks for reading,
— @mooncryption
image source: Twitter user @IAmNomad, linked directly in the quote