A Stunning Reveal!
In a stunning reveal (sarcasm doesn’t really show in a blog post, does it?), it seems that JP Morgan took full advantage of Bitcoin’s dip. Yes, the one their CEO helped cause by trashing bitcoin as a “fraud”. See the previous post, Jamie Dimon, meet Ken Olson. He said something stupid too if you need to catch up.
“According to public records of Nordnet trading logs, the two associated firms JP Morgan Securities Ltd., and Morgan Stanley bought roughly 3M euro worth of XBT note shares. Interestingly after the recent regulatory crackdown in China, and the statements from JP Morgan’s senior executive Jamie Dimon talking trash about bitcoin, his firm bought the dip on September 15. In fact, out of all the companies on the list, like Goldman Sachs and Barclays, the JP Morgan team of buyers purchased the most XBT notes.“
So Dimon publicly trashed it and then his firm bought when the price dropped. For the record, if they did that with a stock, it would most likely be illegal.
I wonder how many traders Jamie Dimon fired for being “idiots”. I’m guessing exactly zero.
P.s. For those that don’t know, XBT notes are a form of exchange-traded-note that allows investors to invest in Bitcoin without buying it directly. They typically track Bitcoin’s price movements against major currencies like the Euro or US Dollar.