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> Recently this was Jamie Dimon lambasting Bitcoin all the while a cryptocurrency trading desk was being set up at Chase. Did he change his position, though. H
by csomar 6y ago
> Recently this was Jamie Dimon lambasting Bitcoin all the while a cryptocurrency trading desk was being set up at Chase.
Did he change his position, though. Having a negative opinion of something is one thing; and profiting from selling shovels for the gold rush is another thing. The trading desk is not a long position.
- dmurray 6y agoIn the case of bitcoin, it probably is. Legitimising bitcoin as an investment for institutionals pushes the price higher, and also increases trading volumes and thereby trading profits. In contrast with stocks, where a sell off generally brings volatility and good news to trading desks.
- smeyer 6y agoJust because adds some legitimacy and pushes bitcoin prices higher doesn't have to mean that JPM (let alone Dimon himself) has a long position nor a longterm positive belief in bitcoin. Maybe they do! But maybe they just want to make some money selling shovels.