Chase Bank CEO Jamie Dimon recently rejected Bitcoin as a ‘fraud,” likely causing additional sell offs after the news of the Chinese exchange ban was released. The financial guru commented that Bitcoin was in a bubble not unlike the famous Tulip bubble during the 17th century.
However, in a somewhat surprising move, JP Morgan purchased a large block of Bitcoins just after the CEO’s harsh criticisms, according to a careful observer on Twitter.
The user 'I am Nomad’ posted the tweet including a screen shot of the BTC chart with the JP Morgan Chase purchase circled.
There has been some commentary by industry insiders that banks have a vested interest in seeing Bitcoin fail, even while they are seeking to join the upswing in potential profits. Chase bank is no different, apparently, based on the information which has recently come to light.
Growing mainstream financial acceptance of the cryptocurrency, including widespread increase in hedge funds and institutional investors would indicate that the predictions of Jamie Dimon and other bears may not be sound.