September 16, 2017 news.Bitcoin.com reported on JP Morgan executive Jamie Dimon calling bitcoin a “fraud” and claiming he would fire any employee from his firm who traded the digital currency for being “stupid.” Within hours JP Morgan purchased a bunch of XBT shares, otherwise known as exchange-traded-notes, that track the price of Bitcoin.
“According to public records of Nordnet trading logs, the two associated firms JP Morgan Securities Ltd., and Morgan Stanley bought roughly 3M euro worth of XBT note shares. Interestingly after the recent regulatory crackdown in China, and the statements from JP Morgan’s senior executive Jamie Dimon talking trash about bitcoin, his firm bought the dip on September 15. In fact, out of all the companies on the list, like Goldman Sachs and Barclays, the JP Morgan team of buyers purchased the most XBT notes.” — Jamie Redman
This may seem to be a late topic to post to folks, but I see this as a teaching moment if you will; a continued trend, one that sustains in success because we simply play out stereotypes: “if you don’t study history, you’re doomed to repeat it!”
What JP Morgan/Jamie Dimon did isn’t anything new at all. In fact, one of the earliest examples can be traced back 1815 to the Rothschild family (namely Nathan Rothschild) who used this tactic to build their global empire by manipulating the British stock market by deceiving traders into selling British bonds in lump sums which created a snowball effect. This led to the other traders thinking the British was losing the war to Napoleon and began selling too thinking France was winning…
As a result the bond price plummeted causing an economic crash in Britain. Once that happened Nathan went and bought all the bonds back at a ridiculously crazy low price enabling them to own the Bank of England! Once news got out the British in fact won the war, Nathan made a sizable profit!!
“I care not what puppet is placed upon the throne of England to rule the Empire on which the sun never sets. The man who controls Britain’s money supply controls the British Empire, and I control the British money supply.”
— Nathan Rothschild
Conspiracy aside, Rothschild and now JP Morgan/Chase Bank simply were able to play on the naivety of folks that are even in the Crypto realm to "panic" and dictate the drop of alt coin prices so they could go in and purchase while low. And now with the price rising, they're seeing madd gains!
MORAL OF THE STORY: Diversify! Even in your skepticism about crypto, while you do your diligence, you should be investing "something". You'll thank yourself later!
Each one teach MANY!
Btw, JP Morgan doesn’t just purchase bitcoin notes, but is also heavily involved with the ‘blockchain fever’ that has infected banks across the world. The’ve applied for a “bitcoin alternative” patent with the U.S. over 175 times in 2013.
