Jamie Dimon, the billionaire American business executive – CEO of JP Morgan Chase Bank. The second owner of JP Morgan having over 6 million shares in the firm.
Jamie Dimon is one of the most prominent skeptics of Bitcoin and has said several times that he will not use the Bitcoin because Bitcoin is a fraud, a bubble destined to burst soon.
Jamie Dimon has also said there’s no other set of people he hates in the world than the stupid Bitcoin investors and would sack any of his employees investing in Bitcoin.
Despite all the hate and attack on Bitcoin by Jamie Dimon and some heads of other financial institutions, Bitcoin has attained new all-time highs and significant adoption, and integration by institutional investors, high net-worth individuals and even governments.
JP MORGAN TRADES BITCOIN
JP Morgan and its CEO – Jamie Dimon are certainly not on the same page concerning Bitcoin. While the latter is busy bad-mouthing the world’s first cryptocurrency, the latter is planning ways to make huge profits from Bitcoin, by integrating Bitcoin Futures trading on its platform using CME’s gateway.
As reported in a Wall Street Journal report, JP Morgan is making plans about facilitating Bitcoin futures trade on its platform, once the CME group, successfully launch Bitcoin futures trading in December 2017.
Currently, JP Morgan has the highest futures commission merchant among U.S firms -says Bloomberg. If JP makes it possible for its customers to trade Bitcoin futures, through the CME, it will be a significant boost to JP Morgan and will further allow investors go bullish or bearish on the price of Bitcoin without the Bitcoin asset itself.
It remains to be seen what the impact of this latest entry of the Wall Street firms and its customers into the Bitcoin ecosystem would be, although analysts and financiers believe this move will “panel-beat” Bitcoin into a mainstream financial instrument.
If all goes to plan and JP Morgan successfully integrates Bitcoin futures, its CEO, Jamie Dimon would have succeeded in making himself the most hypocritical CEO of all time. Having earlier called Bitcoin fraudulent and its investors stupid, and now his company wants to integrate Bitcoin trading in the form of futures, Jamie Dimon is entirely in a dilemma right now.
If JP Morgan chooses to abandon the plan of supporting Bitcoin futures trading altogether, they risk losing their investors to firms like CME and CBOE, two companies at the forefront of integration of Bitcoin futures trading. If that happens, it will have a plummeting effect on JP Morgan share price.
BITCOIN IS HARD TO IGNORE
Bitcoin has proven over time that it is just unstoppable even with constant attacks on its networks and nonstop badmouthing by institutional heavyweights like Jamie Dimon, whose company now want to integrate Bitcoin futures in collaboration with CME.
One cannot stop wondering if Jamie Dimon will still be a Bitcoin skeptic once JP Morgan commences Bitcoin futures trading. The only thing that is certain right now is that Bitcoin has come to stay and is just too important to ignore.
