The Real Fraud

JPMorgan CEO Jamie Dimon called bitcoin a fraud about a week ago.  He also threatened to fire employees who traded or invested in bitcoin.  Today, it has been discovered that JPMorgan Chase is one of the most hypocritical banks operating. The bank helps its clients buy bitcoin even if the bank itself wants nothing to do with bitcoin.

The CEO

The Chase CEO called bitcoin a fraud juts over a week ago and predicted that it would crash soon.  Bitcoin  did end up dropping in value because of the Chinese exchange ban, but it has recovered since then.   The CEO also threatened any employees who try to trade or invest in bitcoin.  This is expected from s big bank such as Chase because bitcoin and decentralized blockchain technology is the future of money.  The bank of today will eventually end up obsolete if it does not adapt to the changes.

The Hypocrisy

Some observers who were looking at trades on exchanges were baffled to find that Chase was buying up bitcoin while it was low.  At first, blockchain news organizations were quick to jump on the news and accuse Jamie Dion of lying while buying up bitcoin for JPMorgan Chase.  It was later revealed that while Chase was the entity seen buying the bitcoin, it was actually customers Chase as a direct way to buy bitcoin.  There were no Chase personnel involved in buying the bitcoin; customers were buying bitcoins themselves when it dipped.  This is still hypocritical, but not as bad as Chase buying the bitcoin for itself.  Chase provides the service to buy bitcoins while its CEO rails against the value of bitcoin.  Not only is this hypocritical, but it was also recently discovered that Chase was looking to hire a blockchain expert.  Why would a company want an expert in the underlying principle of bitcoin if it believes bitcoin is worthless?  This just goes to show the double standard of financial institutions; what they say and what they do is way different.