Chase Bank CEO Jamie Dimon lately discriminated Bitcoin as a ‘fraud,” probable causing extra sell offs after the news of the Chinese exchange ban was out. The financial guru commented that Bitcoin was in a bubble not unlike the famous Tulip bubble during the 17th century.
##However, in a rather extraordinary move, JP Morgan purchased a significant obstruct of Bitcoins just after the CEO’s harsh criticisms, according to a shrewd observer on Twitter.
The user 'I am Nomad’ posted the tweet including a screen shot of the BTC chart with the JP Morgan Chase purchase circled.
There has been some coments by industry insiders that the big banks have a vested interest in seeing Bitcoin fail, even while they are seeking to join the upswing in potential profits. Chase bank is no different, apparently, based on the information which has recently come to the lime light.
###It is clear from all indications that it was a deliberate attempt by Jamie Dimon to enable people to sell off their Bitcoin to facilitate the price of Bitcoin to reduce so that he can buy as much as he can.
Yesterday, Bitcoin has reduced drastically as low as $2,973 after the Chinese exchange ban which lead to major sell offs. Adding more fuel to the fire, Jamie Dimon describe Bitcoin as fraud and went further to say Bitcoin is tulip bulb, concluded that It won’t end well. Someone is going to get killed.
Due to the massive influence Bitcoin is have having on other cryptos lead to drastic reduction in the price of other cryptos like ethereum, litecoin, ripple and other well known cryptos.
Growing mainstream economic acceptance of the cryptocurrency, including widespread increase in hedge funds and institutional investors would denote that the predictions of Jamie Dimon and other bears may not be sound. I stand for cryptos
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Credit. cointelegraph.com