JPMorgan Chase has been routing customer orders for bitcoin-related instruments, a spokesman said on Monday, despite the bank’s chief executive calling the crypto currency “a fraud.”
Like other Wall Street banks, JPMorgan acts as an agent for buyers and sellers of Bitcoin XBT, an exchange-traded note designed to track the value of the crypto currency. JPMorgan does not take positions in the instrument with its own capital and routes the orders electronically to exchanges, JPMorgan spokesman Brian Marchiony said.
“They are not JPMorgan orders,” Marchiony said. “These are clients purchasing third-party products directly.” JPMorgan’s relationship with Bitcoin XBT came into question over the weekend when the financial blog Zerohedge asked why the bank was involved with the trading after Chief Executive Jamie Dimon called bitcoin a fraud and said he would fire anyone at the bank who trades it.
Read of this here. Mr. Dimon must be a big liar and just spewing words he might not have a clear comprehension of. Why would you say something bad for something you don't know that much and which some of your customers are really into. Yes, those orders and trades are not on themselves and for their clients...but respecting clients is something the man has not learned that much in his many years as an executive.
And now he has become the big laughingstock for all the world to enjoy! Deserving such a feast in front of him, I think he knows just how to bluff and maybe he wanted to have a part in the Bitcoin history as he can be the most famous critic of Bitcoin from now on. Although his words were not the driving force for the latest Bitcoin correction, he is successful in irritating many Bitcoin holders and enthusiasts.
