Jamie Dimon’s ‘Bitcoin is a Fraud’ Endgame Exposed

Jamie Dimon JPMorgan Chase CEO Bitcoin Fraud

In November 2013 amidst the financial crisis, Jamie Dimon – JPMorgan Chase’s C.E.O., came under spotlight when JPMorgan Chase reached a $13 Billion USD  to federal and state authorities in order to settle claims that it had misled investors in the years leading up to the financial crisis is under the spotlight once again, this time it has to do with Bitcoin.

On the 12th of September 2017, Dimon claimed that Bitcoin is a ‘fraud’ that will eventually blow up. Dimon also said he’d “fire in a second” any JPMorgan trader who was trading bitcoin, noting two reasons: “It’s against our rules and they are stupid.”

Jamie Dimon: Governments look at bitcoin as a novelty from CNBC.

Prices of Bitcoin from $4190 subsequently dropped by 2% on the news and to a low of $2,975.01 (-29%) 3 days later; but after hitting the lows, prices recovered rapidly from a big order and ended up to $3,740 (+25% from the low). Who was behind those orders?

Twitter user @IamNomad drops this exposé the very next day:

The picture shows that JP Morgan Securities Ltd. was one of the top buyers in volume for Bitcoin on Nasdaq.

Here is a translated version of the page:

So is Jamie Dimon going to fire the trader that bought these coins? I don’t think so. Here is one big lesson we can learn; there are various players in the financial markets, all playing the same game – to profit. Dimon is a big player in the market, he knows how the game is played, and is willing to use his position, prominence, and saying whatever he wants to the media to win the game . He was riding the wave of the downtrend sparked by the news in China regulating ICO’s and Cryptocurrencies, and was probably looking for an opportunity to catalyse the drop in prices so that him, his firm, and other insiders can get a major discount on Bitcoin at huge volume. China has the same game plan as well, pump out news, let the prices drop, then buy on the dip, China story’s for another article another time.

You can find the trades on Nasdaq’s historical data and with further digging we can also trace what probably is JPMorgan Chase’s Bitcoin wallet that was used for this transaction. A Facebook friend of mine shared the link that shows the volume that corresponds with the trades reported above.

Jamie Dimon JPMorgan Chase's Bitcoin Wallet

So remember, just because someone in the media with authority says one thing, doesn’t mean that they have any obligation to do the total opposite. If you want to spot real financial scams, read this article and learn to read in-between the lines, and follow my twitter and instagram accounts if you want more timely, relevant Bitcoin alerts and updates.

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