Economy

JPMorgan's Dimon accused of market abuse over bitcoin

JPMorgan's Dimon accused of market abuse over bitcoin”

Well, it turns out that the JPMorgan chief executive could have been flouting European market abuse laws by shooting his mouth off. This stand of point by Dimon towards Bitcoin is not news as nearly three years he did call Bitcoin: "a waste of time" when the price paired with Dollars was around just $400.

Bitcoin algorithmic liquidity provider Blockswater has reportedly filed the report against the investment bank boss, for "spreading false and misleading information". In a fresh round of press interviews, Dimon told CNBC he is concerned about a flood of cryptocurrencies - thanks to bitcoin, ethereum and initial coin offerings (ICOs) - and believes governments will soon crackdown on the phenomenon.

Mr Dimon described the currency as a fraud and also said he would fire JP Morgan staff found trading the cryptocurrency for being "dangerous" and "stupid".

The managing partner of bitcoin market maker Blockswater says JPMorgan was one of the most active buyers of an exchange-traded note Bitcoin XBT several days after Dimon's comments, Quartz reports. It effectively lets clients hold bitcoin without worrying about how to store it securely.

"Despite negative comments from JP Morgan's Jamie Dimon, bitcoin will become the new gold and re-align the playing field of central bankers and commercial bankers". The Zero Hedge blog did accuse JPMorgan for buying Bitcoin on the cheaper roll and JPMorgan did reply to Reuters about the accusation that it was acting in the role of a broker for a specific client - as they were not purchasing for JPMorgan. In late 2015, he called bitcoin "a waste of time" at a time when bitcoin was trading under $400, almost a tenth of the cryptocurrency's current value. The Swedish regulator said it does not comment "if we are looking into matters like this or not".

Featured image from Wikimedia.



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