Bitcoin Forum

As Forbes reported on 12 May, JPM Chase agreed to provide banking services to Coinbase and Gemini. Apparently, this should have been a very normal incident but, when Jemie Dimon is the CEO of JMP Chase, it makes the news extra ordinary.

Puritans may think otherwise but I see it as a win for crypto community. A good one to cherish for,

News source: https://www.forbes.com/sites/colinharper/2020/05/12/jp-morgan-opens-accounts-for-bitcoin-exchanges--coinbase-and-gemini-up-first/#6c9fa1964026

It's funny,  because jpm Once mention bitcoin as a scam,  they find out nothing but people's madness.     

Yeah, too ironic right? I still remember when he dropped the word "fraud" against bitcoin after it crashed months after it reaches its all time high. Adding that bitcoin won't end well, now look and see what these people are talking years ago with bitcoin, they are now into it. Anyways I'm glad that they already shaken their heads and decided to extend their services covering the cryptocurrencies, they basically needed what they hated right now.

Oh, what I remember is this one.

https://cointelegraph.com/news/jpmorgan-ceo-jamie-dimon-returns-to-bitcoin-bashing-calls-cryptocurrency-a-scam

Maybe the situation right now is dire that the CEO has thought of this as the future of banking. It's not bad to change their minds this late but make sure that they are here to stay and not just pump and dump this.

i don't think so. they just want to solidify their position into this market even more. if i recall back when their idiot CEO called bitcoin "fraud" about a week later when the dip happened we found out that they had some hands in buying a ton of bitcoin.

Yeah, I got mixed feelings about this one.

Short to mid-term Bitcoin will definitely profit from this development, but long term that's going to be yet another snake to worry about. They'll do whatever is going to make the most profits and eventually this will conflict with the values of the Bitcoin community.

The reason might be purely business as the amount of money they are making is really huge and as a banker they wanted to take advantage of the situation and provide the service because of the profit both these companies are making. As per the reports Coinbase made a profit of over $146 million USD last year and that is the case with Gemini with over $100 million. Jemie is a shit head and a manipulator, avoid that plague.

Oh, the irony! JPM hopped onto the train that's going to wreck it

i suppose the same could be said for bakkt (the ICE) or CME, and the rest of wall street too. we know they are coming though. it's inevitable.

in this case, they are just processing customer bank deposits/withdrawals and handling cash for exchanges, something smaller banks have happily been doing for years. it's just a sign that licensed bitcoin exchanges have achieved a certain level of business legitimacy, whereas previously they were treated by the big banks as high risk.

it's still a far cry from JPM touching cryptocurrency transactions or custody or anything like that. tbh it seems like a nothingburger to me.

from that article:
https://www.forbes.com/sites/colinharper/2020/05/12/jp-morgan-opens-accounts-for-bitcoin-exchanges--coinbase-and-gemini-up-first/#e46b32140269


bold is mine but not the italics.

jpmcoin. stable.

lulz

I can see that it might be a trojan horse by the banks. They are not entering the cryptospace to cooperate. The big banks want to run everything and become the final gatekeepers similar to what the SEC has also begun to do.

Their CEO Jamie Dimon can talk crap about anything and it still wouldn't change 100% of the business decisions of JP Morgan. In the first place, JP Morgan is a business. Hence, it's safe to assume that what matters most to them is making money. They're going to street towards almost anything regardless what they say in the past as long as they can make money off it.

@avikz I remember this very well that he was heavily trolled for his negative comments on bitcoins, but then again I also remember that he later backtracked from his statements, and said that he regretted calling bitcoin a scam which proved that he finally understood the power of bitcoin, and realised the mistake he had made.



@vapourminer in a Forbes article last year it was clarified that the JPM coin is not a stable coin or a crypto coin, hence this deal could be because of a IPO that Coinbase is planning, but as of now there’s not much information available publicly about this IPO.


Sources:

https://www.cnbc.com/2018/01/09/jamie-dimon-says-he-regrets-calling-bitcoin-a-fraud.html

https://www.forbes.com/sites/madhvimavadiya/2019/02/17/jp-morgans-cryptocurrency-jpm-coin-is-not-a-cryptocurrency/#1972921f21d1

what Gandhi said seems to be more and more correct about bitcoin since we are moving in each of these steps: First they ignore you, then they laugh at you, then they fight you, then you win.
first they didn't care about bitcoin, then it was downplayed as something for the nerds only, then it was fraud and criminal money, and now they are starting to stick themselves to bitcoin one way or another.

i expect that this last transition phase would include a lot of gov-coins and bank-coins and similar shitcoins in it that would come along and make a lot of noise for a while before disappearing as they have a fundamental flaw: they are centralized.

It's their technique so that they can accumulate silently. After he told that statement before, he already countered it back. It's already bold that Jamie Dimon is a bitcoin investor but he just want to keep it hidden although the obviousness is there.

When I have heard of this news, I watched several Youtube videos for this very same content and the people on the comments were telling that before they've accused bitcoin only for criminals and now, they've joined the craze.

It's newsworthy, but no need to call out Dimon over and over I think. Yes, he said all those things about Bitcoin back in 2017. But yes, his own bank invested and he said last year he regretted what he said. He's a bad guy, yes, but he's a big banker, paid himself millions and moaned about taking millions in pay cut. But he's gotta do what he's gotta do.

Besides, as one of their other crypto clients said, they had crypto in their accounts in 2017. No longer a big deal, just that exchanges will be their biggest accounts.

Or it could go the other way. In their attempts to 'control' Bitcoin, and I don't think they care enough but hey, the smoother the on and off ramps they enable are the more people cross over into crypto and don't come back.

If people earn in it and there are enough places to spend it returning to fiat becomes a bit pointless. If I had something for sale now I'd much rather take BTC for it. I'd happily spend that BTC elsewhere if I could.

Controlling banking now seems like an all powerful move. In retrospect it may look like a period where they helpfully provided a stepping stone to leap beyond them. Then it reverses and banking becomes something you occasionally need to dabble in for olde worlde transactions.

Head honchos of the said bank are hypocrites to say the least, but at least they know where the money currently is and they are doing what a normal and smart banker would do: bank on the current trend and ride the waves until it's profitable. Short-term this could bring a lot more people into the game, prompting most people to question why would an established bank fiddle with something inconsistent and volatile that are cryptocurrencies.

Dimon is not really an upstanding dude tbh, but at least he knows how to do business, I would give him that.

I have great antipathy for JPM, so my feelings are mixed. On one hand, it looks like they are admitting the mistake of despising Bitcoin. On the other hand, while claiming that they are against cryptos because they make money laundering easy, it's a ship belonging to JPM Chase that got busted with a ton of drugs (see here (https://news.bitcoin.com/jp-morgan-chase-ship-busted-cocaine-banks-and-the-failed-drug-war/)), and it's institutions like this which are to be blamed for 2008-th global economic crisis, but at the same time it survived on the money of those who suffered and remains very rich. It just seems ideologically wrong to go into partnership with such a spoiled and anti-Bitcoin company.

But it was just more than two years ago? Hahaha.

https://pbs.twimg.com/media/EX0VhPwWsAICDT6?format=jpg&name=large


Their only "mistake" that they truly know is missing out on the 2015 buyer's opportunity, but they will never admit that.

Exactly, I still remember that vividly, After the Boss Calls Bitcoin a 'Fraud' — JP Morgan Buys the Dip (https://news.bitcoin.com/after-the-boss-calls-bitcoin-a-fraud-jp-morgan-buys-the-dip/). And there was one account here in 2017, trolling everyone, that account says he is connected to JPM and they are laughing their ass because their boss fooled everyone. It's really ironic, but everyone doesn't want to miss the boat, including JPM here.

I remember that event and it seems to me that his making the right calls with this one. It's funny how much people react to certain opinions of people and I guess that's just how it works with society.

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It seems that they really like the blockchain technology and having been rejected to patent 175 times, that's a lot. It seems they know what they are doing with this and how they would be able to profit in the long term.

They used to trade BTC right after their CEO publically criticized Bitcoin and said that he'll fire any of his employees found trading Bitcoin...
Later he admitted that his daughter own's Bitcoin and called her "formerly smart". This guy is a clown, changing opinions every year. If I had my money invested in his bank, I'd be scared of what he'll come up with next.

After they said trash about Bitcoin and now they are getting interested in it. That's the same thing that will happen with those that are still saying that cryptocurrency and Bitcoin is a scam; a time is coming when all of them will start to understand what bitcoin is all about and they will all start to rush into it.

A lot of times JP Morgan said that Bitcoin is a scam and kept trying to discourage people from investing in cryptocurrency and then the next thing they created their own cryptocurrency, and now they are working with cryptocurrency exchanges. Very funny, but I'm not against them ,anyone is free to join the cryptocurrency community. I understand they did all that because they never knew what cryptocurrency is all about, and now they do.

It is normal to see a businessman or a company change heart if it benefits them.  We have seen how JPM disapproved of Bitcoin and later found out that they are creating their own cryptocurrency (https://en.wikipedia.org/wiki/JPM_Coin).  So having this kind of news about JPM Bank changing tone and actively supporting Bitcoin now is no news.

They have seen that supporting Bitcoin and other cryptocurrency exchanges will give a boost to their company in the cryptocurrency industry so they will do it even if they have to eat their own word, that is how business goes.  Profit first.

First they deny it and call it a fraud even discourage people to not invest in it, i even remember warren buffet calls it a rat poison but in time this many Institutional Investors will join the Bitcoin space. Those who simply calls it a scam are old people who doesn't have the knowledge of what Bitcoin truly is and what is it capable of doing.

I am sorry, however, that appears to be a utopian dream everyone had when we discovered the cryptospace hehe. The lenders and the controllers of the money have always ruled over everything.

Also, it might be our doing because cryptocoins are mostly treated as speculative assets to convert back to fiat after holding for profit. JPMorgan thought that it might be profitable to do business with exchanges and maybe later own the exchanges hehehe.
  

IMO, We can't consider this as a victory for Coinbase and Gemini or other cryptocurrencies are decentralized and if they will provide banking service for them then they will start controlling crypto and in the end, the future of the crypto world will still be on the hands of large banking companies like JPM. Though, rendering a bank service for Coinbase and Gemini may be considered as recognition or acceptance regardless of what they initially tagged us as fraud now they are starting to make crypto as an asset and probably they have realized that it can be the future of exchange.

Anyway, it will still depend on investors if they will deal with this and make any transaction with JPM for it may give them additional security for their assets.

You see why it's not always the best to take every word from the mouth of an expert. JPM is an expert in the fiat system and not an expert in cryptocurrency, he criticized it and I am sure some of his followers believed him for that, and today how will these people who were deceived by JPM for sending them the wrong information about cryptocurrency! I am glad I don't listen to my nation's apex bank. Any investment my apex bank governor classifies as a high risk, I research and put my money there for a decent ROI.