Google Ad

Been a busy few weeks for Bitcoin and JPMorgan CEO Jamie Dimon, last month he said Bitcoin was a fraud and it collapsed, the crypto currency fought it's way back. Yesterday at $JPM earnings call he Dimon said he isn't talking about it anymore. $BTC is up $1000 since. There is little doubt this is a volatile market played by enthusiasts, some would say cultists. The reactions are violent to events and liquidity shifts.

Bitcoin 10 13 17

It hasn't just been Dimon commenting on Bitcoin, China and Russia are talking of banning it. What has happened is the Bitcoin enthusiasts show this is why it works they can't stop it, there are no borders. VPN's change, computers move etc etc

Sceptics on Dimon point to JPMorgan's own blockchain work, are they setting up their own currency or just getting beefed up to handle it?

At the high of $5866 earlier today it was up $1000 in two days since that conference call. The September high of $4921 broke and off to the races we went. How big is this $BTC beast, market cap has $100 billion in its sights.

Today's jump was fueled further by chatter China could reverse the ban on exchanges.

Yesterday's $JPM Conference call

"I wouldn't put this high on the category of important things in the world. But I'm not going to talk about bitcoin anymore," said Dimon

JPMorgan CFO Marianne Lake then took over the conversation. "We are open-minded for digital currencies that are properly controlled and regulated," she said. She also spoke positively on the potential merits of blockchain, the technology behind bitcoin.

Dimon again to finish. "I was reminded that we move trillions of dollars a day ... digitally. It's not cash."



Log in to comment
Discuss this article in the forums (12 replies).