Lawsuit accuses JPMorgan of charging high fees for crypto purchases

Lawsuit accuses JPMorgan of charging high fees for crypto purchases

It seems like Jamie Dimon and company are fine with making huge amounts of interest off the cryptocurrency market in private, while bashing digital currencies like Bitcoin in public. The situation, however, just got a little worse for the billionaire investment banker after JPMorgan Chase and Co had been slapped with a lawsuit on the exorbitant interest rates it allegedly charged a client who purchased cryptocurrency in Idaho.

According to a Fortune report, Tucker used his Chase credit card to buy cryptocurrency from Coinbase. In his lawsuit, Tucker claimed the bank treated his purchases as a cash advances instead of normal payments, resulting in him getting charged with interest rates of as much as 30% annually together with additional fees.

Tucker said his previous Coinbase purchases were also made using his credit card, and he would pay them off at the end of each billing cycle without incurring of the additional financial charges—until the recent incident.

Tucker, who is seeking a class-action status for the suit filed in a Manhattan federal court insisted that he and other bank customers were taken for a ride by JPMorgan Chase and Co with such exorbitantly high charges, saying the banking giant “smacked them with instant-cash-advance fees, plus much higher interest rates than normal, and left them without any recourse.”

The man is seeking a refund of all related fees he paid, as well as an additional $1 million in damages.

Sources who spoke with CoinGeek confirmed that this practise appears to be standard across the crypto market sphere, with banks treating the purchases of cryptocurrencies as loans similar to credit cards where they can charge interest rates as high as 30%.

Banks all over the world have taken a hard-line against cryptocurrency purchase, charging exorbitant fees and very high interest rates for the privilege. In Malta, which purports to be “The Blockchain Island,” the country’s largest bank, Bank of Valletta, does not allow cryptocurrency purchases with its credit cards.

Note: Tokens in the SegWit chain are referred to as SegWit-Coin BTC (inaccurately called Bitcoin Legacy or Core by many) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Smells like a pump: JPMorgan now says cryptocurrency a threat to business

Smells like a pump: JPMorgan now says cryptocurrency a threat to business

Not that everybody didn’t already know this.

In their annual report released yesterday, JPMorgan Chase listed cryptocurrency as one of the risks to their business. While this is a subtle admission, for sure the company knows crypto-enthusiasts have their eyes on JP Morgan, especially after about a year of a rocky word war between the two.

Not that the crypto community needed any confirmation from JPMorgan, but the financial giant is officially conceding: cryptocurrencies are bad for their business. But given the fact that probably everybody who has a decent level of knowledge of the cryptocurrency trade is already aware of this fact, why is JPMorgan saying this now?

It smells very much like a pump. In fact, it’s been reeking of that smell for a few months now.

If you recall last year, JPMorgan CEO Jamie Dimon went on a tirade calling Bitcoin a fraud and saying he’ll fire any “stupid” employee caught trading the tokens which were “worse than tulip bulbs.” This drove the value of BTC down by over 100%.

But then very shortly after, users caught the company taking advantage of the price drop and buying BTC on the cheap. The order was so large—9,000 BTC—that the company made it to the top five buyers on the order book on Nasdaq. Users were furious, saying this is downright manipulation and that Dimon should be legally penalized.

Smells like a pump: JPMorgan now says cryptocurrency a threat to business

While JPMorgan denies that their employees were involved (pointing the finger on their clients whose actions are beyond them), remember that this means JPMorgan or its clients have a lot of BTC. And maybe they’ve decided they want to rake in their profits from last year’s stash soon, hence the pump. Dimon has been “regretting” his derogatory words since late last year, praising Bitcoin and even saying it’s the “new gold.”

After their manipulative stunt last year, JPMorgan is probably the least credible source of information on when to buy or sell (or what to buy and sell). History shows whatever they have to say about the cryptocurrency trade is highly likely for their own benefit—don’t buy it. You’ll only make them richer at your own expense.

Diverting investors to their blockchain projects

According to Fortune, JPMorgan refused to say why they are only announcing this analysis now, but that the company has been working on their own blockchain projects, including an Ethereum-based blockchain. Apart from this, they have also filed a patent for a Bitcoin-like payment system.

This is possibly a prelude to positioning their new products as early as now. In fact, they have a department for “blockchain initiatives,” whose head, Umar Farooq, said blockchain technology has been “more than thriving” within bank systems.

“It’s more than thriving. People have been surprised how quickly it basically spread as a way to address and think about customers differently,” Farooq said at the Yahoo Finance All Markets Summit earlier this month. “It’s quite insane.”

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Cryptocurrency may force Bank of America to change business model

Cryptocurrency may force Bank of America to change business model

The popularity and continued rise of cryptocurrency has turned many heads recently. Even JPMorgan Chase, an outspoken critic of the digital currency, has been holding closed-door meetings on the topic. Now, Bank of America (BoA) is speaking out, and says that cryptocurrencies are a threat to its business model. That, of course, is good news for all crypto enthusiasts.

In a report the banking giant filed with the U.S. Securities and Exchange Commission (SEC), BoA reported, “Clients may choose to conduct business with other market participants who engage in business or offer products in areas we deem speculative or risky, such as cryptocurrencies. Increased competition may negatively affect our earnings by creating pressure to lower prices or credit standards on our products and services requiring additional investment to improve the quality and delivery of our technology and/or reducing our market share, or affecting the willingness of clients to do business with us.” It would appear that BoA executives recognize cryptocurrencies for what they really are—a real future for currency.

Cryptocurrencies were born out of the financial crisis of 2008. Individuals saw the need to create a currency that would maintain its strength and not be tied to a single currency that could fail. Fiat currency isn’t linked to physical reserves and, thus, is at risk of becoming worthless due to hyperinflation. Legacy Bitcoin, otherwise known as SegWit1x (BTC), led the way for cryptocurrencies and there are now over 1,384 different coins on the market today. This number continues to grow as more entities see the value in a truly global currency.

Cryptocurrencies, without a doubt, still have a long way to go. However, they’re evolving at a much quicker pace due to technological advances and, more importantly, the global input that helps propel them. The lack of central oversight is what motivates a lot of investors to put their money into the currency. This is not much different from putting money into a fiat savings account, except the returns are much greater.

BoA isn’t the only entity that is concerned about the impact cryptocurrencies will have on its business. Since many governments have decided banning the coins is virtually impossible, banks around the world have concluded that they’re on their own and will have to decide for themselves how to proceed. In fact, many countries look to embrace the power of cryptocurrency in the near future.

Turkey and Iran are exploring the possibility of creating a national alternative that could coexist with BTC and the rest of the gang. Japan accepts cryptocurrencies with open arms. South Korea recently accepted the fact that cryptocurrencies are here to stay, and the official State Bank of India expects blockchain, the technology behind the coins, to take over the banking sector by 2030.  For or against, there’s no escaping the fact that cryptocurrencies are poised to reinvent economies around the world.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Crypto enthusiasts lash out at JP Morgan's clueless fiat support

Crypto enthusiasts lash out at JP Morgan’s clueless fiat support

A little more than a week ago, netizens were given inside access to a JPMorgan Chase document indicating that there is definitely a lot of back-and-forth conversation at the financial giant on what is going to happen with the cryptocurrency world. Despite CEO Jamie Dimon saying he wasn’t going to talk about cryptocurrencies anymore, there’s obviously a lot of talk going on behind closed doors. In the latest we’re-not-talking-about-cryptocurrency talk, JPMorgan let go a nugget that proves the lack of financial understanding among the brass.

Cryptocurrency enthusiasts are calling the multinational bank out for saying that one of digital currencies’ biggest features is what will cause its downfall. In other words, JPMorgan believes that cryptocurrencies won’t be able to handle liquidity if there’s another economic recession. Fiat currency, according to the company, can just be printed in abundance during a financial crisis. That’s a pretty remarkable statement coming from them, since printing additional currency only weakens its overall value.

In the past, central banks have traditionally injected more cash into a country’s economy during an economic crisis to compensate for decreases in lending and private sector spending. JPMorgan claims, erroneously, that a similar liquidity infusion will not be possible with cryptocurrencies since there is no central control over the network, and because the amount of coins released annually is a fixed amount.

Aaron Lasher, chief marketing officer of Breadwallet, was one of the first to counter JPMorgan’s narrow-minded claim.

“This is a classic case of creating the problem you offer to solve,” he said, “and exactly why Bitcoin exists. Why do we have the need for ‘emergency liquidity’ in the first place?”

Lasher went on to criticize JPMorgan by pointing out that fiat emergency liquidity exists solely because banks have no stimulus to properly manage the risk of liquidity. There is virtually no cost in printing additional currency at the central bank level, which provides a buffer for the banks. Because of this, banks feel more at ease handing out credit, which resulted in economic downturns like what was seen in the United States in 2008—the crisis that was precisely the reason why cryptocurrencies were brought to life.

Arthur Hayes, CEO of BitMEX, chimed in, stating that it was precisely that line of thinking that caused inflation in other financial assets. He also pointed out that if printing money were the cure to all ills, countries as Zimbabwe and Venezuela wouldn’t be in such dire shape economically. Printing additional money only has one result—to delay the inevitable. With cryptocurrencies, the plan is to not require a bailout.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
The paradox of prediction: crypto-forecasts or disguised manipulation?

The paradox of prediction: crypto-forecasts or disguised manipulation?

Stop listening to every Joe who has something to say about the trading market.

The bullish: prediction or influence?

Every so often, we’ll see news of some notable personality being “bullish” about Bitcoin or any other cryptocurrency. Headline reads: “big corpo exec says this token will jump this high,”or “big corpo exec buys a gazillionX tokens,” the unspoken implication being that people should follow suit.

It seems philanthropic that notable industry names are all of a sudden willing to share their closely guarded trade secrets and forecasts to the public. But is it really?

You know what this is—it’s a pump, an influence game—and an effective one at that.

Their prediction becomes true the more they say it, and the more other people echo it—precisely because in trading, a prediction becoming a reality largely relies on altering market perception, on convincing the market. While market manipulation is illegal, its legal definition is limited and influence is fair game.

So we get stuck in a loop: did they predict the market, or did they influence the market to fit their prediction?

It can be argued then that the outcome was caused not by external factors but by the “prediction” itself. This means in many instances, a prediction is actually influence, even manipulation disguised as a forecast. Of course, this only works if you’re famous enough.

And you know when they tend to make such announcements: after they bought huge chunks of the coin—never before. This is precisely because it doesn’t make sense for anyone to hype it up before they buy in.

If a person thinks a certain asset will greatly jump in value, why wouldn’t he put money on it? And if he’s betting that it will, he wouldn’t be a credible source if he has no “skin in the game.” So the logical assumption is that this person has money in the asset at risk—all the more incentive for that person to make sure his “prediction” comes true.

The bearish (but secretly bullish and will buy the dip)

So what about those who proclaim the sky is falling and the crash of a particular crypto is next? Some are genuine economists doing a proper analysis of an asset, and some are sincerely just researching and making an analysis of their own. Others however, have a different motive—they want to buy more, but they want to buy at a discount.

The problem with hype buyers is that they are the easiest to scare. The flood of hype buyers can efficiently inflate a token’s trading value, this increase is often artificial. And with just a little nudge, they can bring the values crumbling back down—possibly even lower than when they got in.

The only thing a notable personality has to do is make a bad announcement, such as “it’s going to crash,” and the sheep drink the Kool-Aid. The panic selling causes the token’s value to drop, after which, the whales take advantage and buy off what the hype buyers dropped.

This is essentially the same thing as seeing someone holding an item at the store that you desperately want, going over to that person and saying the item is a horrible purchase, waiting for him to drop it and then taking it for yourself. Except in the context of cryptocurrencies, that item may as well be a rare vintage item that you can later sell for large profits.

If the person isn’t easy to sway, your tactic won’t work. But as we’ve seen in cryptocurrency trading, it most often works. This is why Jamie Dimon’s tirades of Bitcoin last year benefited his company JP Morgan and its clients greatly—they bought up bulks of BTC after Dimon’s tirades dragged the trade value down, effectively affording JP Morgan and its clients a huge discount. All they had to do was to wait for their discount-bought coins to shoot up again. It’s less common but still widely known that Dimon has been training his staff to handle crypto transactions for the past 18 months, he’s in so take his gloom and doom predictions with a big grain of salt.

For whales, trading is a game—along with the psychology of the market. This is how rich influential traders get even richer: they’re not just gaming the system, they’re gaming the players—they’re playing you.

Instead of gauging circumstances and making an assessment based on impending situations to predict outcomes, a “prediction,” whether baseless or not, is announced to influence outcomes. And therein lies the manipulation that hype buyers unwittingly drink up.

In a research paper by computer science and engineering researcher Mithun Chakraborty andhis adviser Sanmay Das, they explore ways around manipulation in prediction markets where participants influence the outcome. “The event is typically assumed to be exogenous. In reality, participants may influence the outcome,” they wrote. They’ve proposed a new game-theoretic model specifically aimed at solving this problem. But even if it can be solved, do people want to?

The paradox of prediction: crypto-forecasts ordisguised manipulation?

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
JPMorgan might be ready to embrace cryptocurrencies

JPMorgan might be ready to embrace cryptocurrencies

Someone let the cat out of the bag.

Despite cryptocurrencies being tagged a “fraud” by JPMorgan Chase CEO Jamie Dimon, a recently leaked internal report might show a change of heart in the leading financial services company.

The report refers to cryptocurrencies as an “innovative maelstrom,” and indicates that they are unlikely to disappear—not soon, not in the future. The report was an internal Cryptocurrency Executive Summary, and it was found in a tweet by Joseph Young, who took it from Twitter user zerohedge.

It would appear now that executives are bullish regarding the future of cryptocurrency, and might even be ready to start accepting it into its camp. The tone of the report was a clear switch from the company’s position over the past six months. Dimon went from calling cryptocurrencies a fraud to saying he wasn’t going to talk about them anymore. He then talked about them some more, stating that he regretted making the fraud comments, and went as far as to adamantly refute being a Bitcoin skeptic when the subject of cryptocurrencies was raised at the 2018 World Economic Forum in January.

An excerpt from the report provides clues regarding J.P. Morgan’s position: “The underlying technology for [cryptocurrencies] could have the greatest application in areas where current payment systems are slow, such as across borders, as payment, reward tokens or funding systems for other Blockchain innovations and the Internet of Things, as well as parts of the underground economy.” That certainly conjures images of JPMorgan execs wining and dining the cryptocurrency market.

The report also touched on the virtues of cryptocurrencies outside the financial sector, noting that “There is the potential for increased usage of Blockchain in cross-border payments, settlement/clearing/collateral management as well as the broader world of TMT, Transportation and Healthcare but only where nay cost efficiencies offset regulatory, technical and security hurdles.”

Despite the recent revelation, the official stance of the company hasn’t changed.  JPMorgan was one of several U.S. banks, along with Bank of America, to institute policies last week barring its clients from using their credit cards to purchase cryptocurrencies.  Based on the report, however, that position could be retracted sometime in the near future.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Major US banks to block purchases of cryptocurrencies

Major US banks to block purchases of cryptocurrencies

Things are always interesting in the cryptocurrency world, especially in how it’s received by the global banking sector. While some financial institutions are finally opening their eyes and accepting cryptocurrencies, three large US-based banks are stepping on the brakes. These entities will no longer allow cryptocurrency to be purchased with their credit cards.

Bank of America, Citibank and JP Morgan Chase have all put restrictions on their users’ credit cards to prohibit them from being used for buying digital currency. They blame the decision on the extreme market volatility the cryptocurrency market is experiencing. As legacy Bitcoin, otherwise known as SegWit1x (BTC), took a header last Friday and dropped $11,000, the financial giants felt obligated to step in to protect their clients.

The decision follows similar policies enacted by Capital One last month and by Discover in 2015. By blocking cryptocurrency purchases, customers are being saved from possibly making large, risky purchases, and scammers are prevented from buying someone’s tokens and then heading into the abyss. Additionally, as federal regulations require banks to monitor client transactions to prevent money laundering, the institutions have been struggling to comply since money is harder to track once it’s been converted into cryptocurrency.

BTC’s free-fall from $20,000 shows no signs of slowing down, and the conventional wisdom that the currency was not likely to dip back below $10,000 hasn’t held up. BTC alone has lost nearly $200 billion, while virtually all of the major cryptocurrencies are also seeing major losses recently.

India and China, as well as other countries, have taken steps to more rigorously control cryptocurrency exchanges, despite not showing the same level of interest in the past. Meanwhile, the Internal Revenue Service (IRS) has started collecting customer records from cryptocurrency exchanges to look for people that they feel might not be giving their due part to Uncle Sam.

There’s no need to break out the scissors and begin cutting up cards, however. All financial institutions have indicated that they will continue to monitor the evolution of the cryptocurrency world and will adjust policies as they see necessary. Also, the new ban won’t apply to all debit cards across the board.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

JPMorgan chief rues calling Bitcoin a ‘fraud’

Remember that day when Jamie Dimon went on a tirade against Bitcoin? Well, the JPMorgan Chase chief does, and said he “regrets” calling the cryptocurrency a fraud.

In September, the bank executive told an investor conference in New York that Bitcoin “won’t end well” and threatened to fire any JPMorgan employee who will trade the cryptocurrency, which he described as “worse than tulip bulbs.”

Dimon has apparently seen the foolishness of his remarks, telling FOX Business Network on Tuesday that he “regrets making” the comments against Bitcoin, although he is personally “not interested that much in the subject at all.”

“The Bitcoin to me was always what the governments are going to feel about Bitcoin as it gets really big, and I just have a different opinion than other people,” Dimon said.

It’s worth noting despite calling Bitcoin a “fraud,” Dimon thinks its underlying technology—blockchain—can be useful in the future.

“The blockchain is real. You can have crypto yen and dollars and stuff like that,” he said.

No changes, just regrets

Many people have interpreted Dimon’s recent statement as proof that the bank executive is softening towards Bitcoin. Peter Smith, CEO of cryptocurrency wallet and exchange Blockchain.info, tweeted that it “looks like Jamie has started the conversion process to the church of crypto.” He also predicted that in another 12 months, “@jpmorgan will be full steam ahead on crypto.”

But contrary to popular belief, Dimon’s recent comments didn’t mean that the JPMorgan’s head honcho has already changed his views on Bitcoin. In fact, Dimon’s Tuesday statement mirrored the one he made in October, when he said that he “could care less about Bitcoin.”

“When I made that ‘stupid statement’ [calling Bitcoin a] fraud, my daughter sent me an email saying, ‘Dad I own two bitcoins.’ My formerly smart daughter,” Dimon said at the time, according to a CNBC report. “This is the last time I’m ever going to answer questions about Bitcoin because I really don’t care.”

The recent remarks also echoed the statements he has made over the years. The banker, after all, has been an outspoken nemesis of Bitcoin who predicted in 2015 that the cryptocurrency wouldn’t survive. Several years later, and surprise, surprise—Bitcoin is still here and is starting to attract mainstream attention. And Dimon still couldn’t stop talking about it.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

JPMorgan steps over Dimon’s line again, praises Bitcoin as ‘new gold’

U.S. banking giant JPMorgan Chase has been in the headlines recently after CEO Jamie Dimon drew the line against dealing with “fraud” Bitcoin. It appears, however, that the company has chosen not to listen to its head honcho’s ramblings.

Instead, analysts at JPMorgan are reportedly praising the cryptocurrency’s potential to become the “new gold,” according to UK’s The Telegraph.

BTC recorded a new all-time high on Thursday, trading above the $13,000 level with a market capitalization of over $218 billion, while Bitcoin Cash (BCH) is trading at around $1,480 with a $24.93 billion market cap, according to CoinMarketCap data. The new price record comes on the heels of Chicago Board Options Exchange (CBOE) and the CME Group announcing that they will start offering Bitcoin futures this month.

The recent price hikes, along with the upcoming launch of Bitcoin futures contracts, may potentially “elevate cryptocurrencies to an emerging asset class,” according to JPMorgan analyst Nikolaos Panigirtzoglou.

“The prospective launch of Bitcoin futures contracts by established exchanges, in particular, has the potential to add legitimacy and thus increase the appeal of the cryptocurrency market to both retail and institutional investors,” Panigirtzoglou said, according to the news outlet.

JPMorgan’s stance is particularly surprising, not to mention ironic, given that its chief executive is an outspoken critic of the cryptocurrency. If you recall, Dimon infamously called BTC a “fraud” that will eventually “blow up,” and even went as far as threatening to fire “in a second” any JPMorgan trader who will deal with the cryptocurrency.

“It’s against our rules and they are stupid,” Dimon said in September.

However, this isn’t the first time that the banking giant has chosen to step over the line that Dimon drew. Several weeks ago, reports surfaced that JPMorgan may soon follow the footsteps of Goldman Sachs by “considering whether to provide its clients access to CME’s [Chicago Mercantile Exchange] new [BTC] product through its futures-brokerage unit.”

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

JPMorgan steps over Dimon’s line again, praises Bitcoin as ‘new gold’

U.S. banking giant JPMorgan Chase has been in the headlines recently after CEO Jamie Dimon drew the line against dealing with “fraud” Bitcoin. It appears, however, that the company has chosen not to listen to its head honcho’s ramblings.

Instead, analysts at JPMorgan are reportedly praising the cryptocurrency’s potential to become the “new gold,” according to UK’s The Telegraph.

BTC recorded a new all-time high on Thursday, trading above the $13,000 level with a market capitalization of over $218 billion, while Bitcoin Cash (BCH) is trading at around $1,480 with a $24.93 billion market cap, according to CoinMarketCap data. The new price record comes on the heels of Chicago Board Options Exchange (CBOE) and the CME Group announcing that they will start offering Bitcoin futures this month.

The recent price hikes, along with the upcoming launch of Bitcoin futures contracts, may potentially “elevate cryptocurrencies to an emerging asset class,” according to JPMorgan analyst Nikolaos Panigirtzoglou.

“The prospective launch of Bitcoin futures contracts by established exchanges, in particular, has the potential to add legitimacy and thus increase the appeal of the cryptocurrency market to both retail and institutional investors,” Panigirtzoglou said, according to the news outlet.

JPMorgan’s stance is particularly surprising, not to mention ironic, given that its chief executive is an outspoken critic of the cryptocurrency. If you recall, Dimon infamously called BTC a “fraud” that will eventually “blow up,” and even went as far as threatening to fire “in a second” any JPMorgan trader who will deal with the cryptocurrency.

“It’s against our rules and they are stupid,” Dimon said in September.

However, this isn’t the first time that the banking giant has chosen to step over the line that Dimon drew. Several weeks ago, reports surfaced that JPMorgan may soon follow the footsteps of Goldman Sachs by “considering whether to provide its clients access to CME’s [Chicago Mercantile Exchange] new [BTC] product through its futures-brokerage unit.”

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

Surprise, surprise: JPMorgan considers BTC futures trading

An outspoken critic isn’t stopping JPMorgan Chase from examining the merits of entering the BTC futures market, even if that critic is the U.S. banking giant’s highest executive.

On Tuesday, The Wall Street Journal reported that the global financial services firm is “considering whether to provide its clients access to CME’s [Chicago Mercantile Exchange] new [BTC] product through its futures-brokerage unit.”

The report comes on the heels of CME’s announcement that it will launch a BTC futures by the end of the year, although the plans are still subject to regulatory review. CME’s plan is to offer a cash-settled BTC futures contract based on the CME CF Bitcoin Reference Rate (BRR), which the exchange launched in 2016 in partnership with digital trading platform Crypto Facilites.

Oh, the irony

It goes without saying that JPMorgan will be opposing head honcho Jamie Dimon if it pushes through with its reported plan. Dimon has been an outspoken nemesis of the cryptocurrency who predicted in 2015 that BTC wouldn’t survive. The JPMorgan chief executive also called BTC a “fraud” that will eventually “blow up,” warning traders not to trade the cryptocurrency or risk getting fired “in a second.”

“It’s against our rules and they are stupid,” Dimon said back in September.

The outspoken CEO may have been adamantly opposed to BTC, but he does believe in its underlying technology—blockchain. Dimon thinks blockchain can be useful in the future, although its mainstream application “won’t be overnight.”

If all goes to plan, JPMorgan may soon follow the footsteps of Goldman Sachs, which is also reportedly looking at introducing a trading operation involving the cryptocurrency in response to the increased interest among its clients, who are still keen on getting on the cryptocurrency trade. According to reports, Goldman is looking at building “a full-fledged team of traders and sales people” for its planned trading operation.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper. Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.

Surprise, surprise: JPMorgan considers BTC futures trading

An outspoken critic isn’t stopping JPMorgan Chase from examining the merits of entering the BTC futures market, even if that critic is the U.S. banking giant’s highest executive.

On Tuesday, The Wall Street Journal reported that the global financial services firm is “considering whether to provide its clients access to CME’s [Chicago Mercantile Exchange] new [BTC] product through its futures-brokerage unit.”

The report comes on the heels of CME’s announcement that it will launch a BTC futures by the end of the year, although the plans are still subject to regulatory review. CME’s plan is to offer a cash-settled BTC futures contract based on the CME CF Bitcoin Reference Rate (BRR), which the exchange launched in 2016 in partnership with digital trading platform Crypto Facilites.

Oh, the irony

It goes without saying that JPMorgan will be opposing head honcho Jamie Dimon if it pushes through with its reported plan. Dimon has been an outspoken nemesis of the cryptocurrency who predicted in 2015 that BTC wouldn’t survive. The JPMorgan chief executive also called BTC a “fraud” that will eventually “blow up,” warning traders not to trade the cryptocurrency or risk getting fired “in a second.”

“It’s against our rules and they are stupid,” Dimon said back in September.

The outspoken CEO may have been adamantly opposed to BTC, but he does believe in its underlying technology—blockchain. Dimon thinks blockchain can be useful in the future, although its mainstream application “won’t be overnight.”

If all goes to plan, JPMorgan may soon follow the footsteps of Goldman Sachs, which is also reportedly looking at introducing a trading operation involving the cryptocurrency in response to the increased interest among its clients, who are still keen on getting on the cryptocurrency trade. According to reports, Goldman is looking at building “a full-fledged team of traders and sales people” for its planned trading operation.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper. Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.