In a moment of blatant hypocrisy, JPMorgan Chase CEO Jamie Dimon declared today that it was considering offering clients CME futures investment in Bitcoin.

It was mere weeks ago that Jamie Dimon called Bitcoin a fraud, sending Bitcoin's value tumbling 24% within hours of the announcement. Suspiciously, a few days later, it turned out that JPMorgan was one of the most active buyers of a Bitcoin tracker fund called Bitcoin XBT. Formal complaints were even launched against JPMorgan Chase for violating European market abuse laws. They excused themselves from any deliberate manipulation, saying that they were simply acting as brokers for clients who wanted to buy into Bitcoin XBT.

Now, a short time later, JPMorgan Chase is pursuing futures investment. Have they "seen the light"? Was it a Bitcoin epiphany? A revelation?

Not likely. Does it make sense that a company the size of JPMorgan is improvising their buying and selling policy, reacting to market events like the average casual investor, or is it more likely that they have been planning to launch futures investment for a long period of time? These sorts of procedures take months or years, not weeks to prepare, after all.

Let's be clear. This was manipulation. Dimon declared Bitcoin buyers to be "stupid" and in short order went about doing precisely what they advised against doing. JPMorgan then was able to stock up on Bitcoin at a significantly discounted price, lay low for a few weeks, and then declare that - well, it's not their fault - the market demands it. They are just serving their client's needs, after all.

A few days ago, I wrote an article called Bitcoin versus banks about the misleading and corrupt nature of banks such as JPMorgan Chase. This further proves my point.

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sources:

https://qz.com/1083781/jpmorgans-jamie-dimon-is-accused-of-manipulating-the-bitcoin-btc-price-in-sweden/

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