The opposition of the CEO of JPMorgan, Jamie Dimon, to Bitcoin, the cryptocurrency mother, is well known and we talked about it at bitcoiner.today. This character has mocked the cryptocurrency, has branded it as fraud and has called criminals and criminals all the people who use it, as well as threatening their workers with dismissing them if they have the idea of negotiating with them. The billionaire, pulling cunning, took advantage of the fall that caused his comments to acquire Bitcoin, joining his daughter, who already carries the cryptocurrency for some time. The contradictions are obvious, just as it is obvious that any person well positioned in the traditional economy will reject Bitcoin publicly, although surely he has a private opinion, the fear of cryptocurrencies is quite large among bankers and big investors.
Now the thing changes, Bitcoin has been divided in two, has become more accepted as a form of payment and has had a great value, now it is above $ 8,000 and remains in an uptrend. Let’s add something very important to the matter, Chicago-based Chicago Mercantile Exchange (CME), the leading derivatives market in the world, announces plans to introduce Bitcoin futures at the end of this year 2017, although that launch could be delayed or postponed by the Commodity Futures Trading Commission, which must grant approval. This event has obviously propelled the mother cryptocurrency above $ 8,000.
The largest bank in the USA is evaluating customer demand and the potential risks of facilitating their exchanges, and to implement such a measure, JPMorgan clients will be allowed to “bet” on Bitcoin prices, if they increase or decrease. JPMorgan, obviously, would charge a fee to provide access to the CME service, everything that gives money, even if it goes against their opinions and values, seems to be worth Mr. Dimon. But I reiterate, there must be a great demand among customers for this to take place.
Although it is true that JPMorgan has already given its arm to twist, at least a little, and allows customers some access to Bitcoin. Managing customer transactions of futures contracts is conceptually similar, but may still present some added risks.
Shares of other companies, such as Goldman Sachs Group Inc., Bank of America Merrill Lynch and Morgan Stanley, could also influence JPMorgan’s decision. Well, Goldman Sachs is currently exploring ways to trade with cryptocurrencies. Morgan Stanley is added, which is contemplating a movement similar to that of JPMorgan. I doubt very much that JPMorgan wants to run out of his piece of cake, it’s never too late to rectify and to realize the nonsense that one can get to say despite believing himself a kind of semi-God of finance.