JP Morgan’s Jamie Dimon recently called Bitcoin a “fraud.” He should know since his firm just paid several hundred million dollars in penalties for selling securities fraudulently. In any case, JP Morgan decided that their diversification strategies should now include Bitcoin-based exchange-traded notes(ETNs). The recent dip in the market apparently was just too tempting for the financial management firm.
You can read about the hypocritical move here. Not only did JP Morgan buy XBT notes, they bought the most of anyone, including Goldman-Sachs and Barclays.
What do you think about JP Morgan Securities Ltd. purchasing bitcoin-based exchange-traded-notes?