Tuesday, September 12, 2017

Despite Bitcoin being the largest Long position on Wall Street, J.P. Morgan's CEO will fire any broker trading it

If you ask Goldman Sachs and a few other brokers on Wall Street, Bitcoin is an asset worth watching since their forecasts in the short and medium term are for price expectations to go higher.  And with this in mind, a report out on Sept. 12 shows that most Wall Street traders are far more long on the cryptocurrency than they are short.


However there appears to be one CEO of a major trading firm that is not enamored with Bitcoin in the least, and in a conference today stated that anyone trading the cryptocurrency at J.P. Morgan will be summarily fired.
Surprised by the sudden air pocket below bitcoin? Curious if this was caused by some new, unconfirmed Chinese crackdown on bitcoin traders, exchanges, and other money launderers? 
No, the answer is Jamie Dimon, who in an angry outburst during the same conference in which he preannounced JPM's 20% trading revenue drop, lashed out at the cryptocurrency, calling it a "fraud" which is "worse than tulip bulbs. It won't end well", will "blow up" and "someone is going to get killed." Oh, and in conclusion, "any trader trading bitcoin" will be "fired for being stupid.
  • DIMON: BITCOIN IS A "FRAUD"; "WORSE THAN TULIP BULBS"
  • DIMON: BITCOIN WILL EVENTUALLY BLOW UP
  • DIMON: BITCOIN WON'T END WELL
  • DIMON: WOULD FIRE ANY TRADER TRADING BITCOIN FOR BEING STUPID - Zerohedge
The real irony in all of this is why a de-centralized cryptocurrency like Bitcoin would drop $300 on this news because isn't Bitcoin supposed to be outside the effects of Wall Street and sovereign financial systems?

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