Bitcoin Forum

Jamie Dimon is being accused of market abuse in Sweden for badmouthing bitcoin


Remember when Jamie Dimon called bitcoin “a fraud” a week ago? Well, it turns out that the JPMorgan chief executive could have been flouting European market abuse laws by shooting his mouth off. At least, that’s what one complaint to the Swedish financial regulator alleges.
The complaint was lodged by Florian Schweitzer, the managing partner of a London firm called Blockswater, a bitcoin market-maker that trades about $25 million a month. At issue is an alleged link between Dimon’s comments and, a few days later, JPMorgan emerging as one of the most active buyers of a bitcoin tracker fund called Bitcoin XBT. Bitcoin XBT is an exchange-traded note that’s listed on Nasdaq Nordic in Stockholm. It effectively lets clients hold bitcoin without worrying about how to store it securely.

The price of bitcoin fell as much as 24% between the day Dimon verbally thrashed it and the day of the XBT trades. Widely followed finance blog Zero Hedge seized on this and accused JP Morgan of either buying bitcoin on the cheap for itself, or helping its clients do so.
But before we get carried away with notions of Dimon playing the media to pick up bitcoin on the cheap, there’s a less nefarious reason for the XBT trade: JPMorgan told Reuters that it was just acting as a broker for clients who wanted to buy into the fund. “They are not JPMorgan orders,” a JPMorgan spokesperson told Reuters. “These are clients purchasing third-party products directly.”

In any case, Schweitzer has presented the facts to the Swedish regulator and asked them to investigate. He notes in his complaint that market abuse in Sweden is punishable by up to two years in jail. The Swedish regulator said it does not comment “if we are looking into matters like this or not.” We’ve contacted JPMorgan but have not heard back.

https://qz.com/1083781/jpmorgans-jamie-dimon-is-accused-of-manipulating-the-bitcoin-btc-price-in-sweden/

This could turn out to be very awkward for Jamie Dimon. It is unlikely that the court proceedings will amount to anything. But there will be a lot of negative press. Questions are being raised about propriety and jp Morgan has to answer them.

Yes I've seen it, and I'm glad someone did it. Of course it wont go nowhere, but maybe he will slow down a bit on his false accusations. Of course he has the right to his opinion, so in the end nothing will happen. Anyway is always good to see how afraid the guys are getting, because of bitcoin growth. If BTC wasn't getting that big of a deal, they wouldn't even talk about it. I think it just gives strength to the community.
Educated people that haven't heard of bitcoin yet, surely won't just take his word and will start looking into bitcoin and will probable get to the conclusion that is actually a good thing.

It looks like Jamie Dimon's time has come: his Masters needed a way to remove a once useful puppet. That's how it goes.
I can't believe one can be so stupid: one can't say all that stuff not knowing one's clearly manipulating the market in which JPM is in.

Yeah, I think someone needs to step and man enough to stop his attack on bitcoin. We are enjoying the best rides ever until he's surfaced. I agree that nothing will come up out of this but at least JPMorgan would have to answer all accusations and somewhat Dimon needs to shut up until he and JPMorgan clears everything. But then again, he has put bitcoin into the next pedestal because of his attacks and maybe few curious casuals will research what bitcoin is and would probably put a hundred or even thousands as investments. It is still publicity for bitcoin.

They should lock him up right now and throw away the key, he's doing it again:

https://finance.yahoo.com/news/jamie-dimon-lays-bitcoin-again-095759488.html

hate this guy already,why can't he just shut the f up,really
but him badmouthing bitcoin at every corner is,actually,vastly undermining his own credibility
and every next lunge at cryptocurrency makes him look desperate and biased
it worked "fine" for the first time when his outburst was preceded by the ICO bans and chinese exchanges stopped trading shortly after
but now every word that is coming out of his mouth is percieved as a banksters shill's attempt to undermine bitcoins,nothing else