Like other Wall Street banks, JP Morgan acts as an intermediary between the buyers and sellers of Bitcoin XBT
The controversy has been present at JP Morgan. Just a few days after its CEO, Jamie Dimon, stated that "if he had a' trader' that operated with bitcoin, he would be fired", a spokesman has stated that since the U. S. firm have made operations related to the cryptomoney.
However, Brian Marchiony, the entity's spokesman, wanted to clarify that "JP Morgan does not take positions in the instrument with its own capital, but manages the orders of customers who buy products from third parties".
The manager said that "the currency is not going to work" and added, moreover, that you can't think that whoever invests in an "invented" currency is someone "really smart".
Bitcoin is a digital currency that is not backed by any government and that allows individuals to exchange value among themselves and pay for goods and services by bypassing the conventional financial and banking system.? The value of a bitcoin is around $4,200. The cryptomoney, which can be manufactured using computers and is stored on servers, was valued at $250 by the end of 2015.
Like other Wall Street banks, JPMorgan acts as an intermediary between buyers and sellers of Bitcoin XBT. "These are not JP Morgan's orders,"Marchiony stressed.
In fact, Dimon warned of the danger of this virtual currency. "The cryptodivisa is a fraud and there will come a time when it will explode and be worse than the famous 17th century tulips bubble.
While banks have moved away from bitcoin since it emerged after the financial crisis, virtual currency has huge followers, including technology enthusiasts, skeptics of the government's monetary policy and speculators attracted by its price changes.