China Ban On Bitcoin Exchanges & Jamie Dimon Calls Bitcoin A Fraud

China Rumor About Banning Domestic Bitcoin Exchanged Turned Into Reality

About a week ago, some people launched rumors regarding China’s desire to ban domestic Bitcoin exchanges. This would come after a few days later China made ICOs illegal until further regulation technology will be implemented. And the rumors turned out to be actually true.

BTCC was the first one to close its doors – before even knowing that the rumors will turn out to be true. Another ones were ViaBTC and Yunbi – who received official notice from regulators and were obliged to shut down their doors. Huobi and OkCoin addapted to the law too. They promised that until 30 September they will let their users know about it. Until 31 October they estimate the unwinding process for its users will be completed.

Bitcoin Price Drops Under $3000

Even though China represented a small part of the Bitcoin Exchange ecosystem – the market panicked pretty fast.The results was a Bitcoin diminished with $600 – $800, going even below $3000. Each major Chinese exchange had a price under $3000 yesterday. Furthermore, the price on the Chinese Exchanges looks the same today – maybe even worse. I personally consider this to be a bad move from the Chinese people. People Bank of China band the Bitcoin Exchanges? Yes. Was Bitcoin banned? Absolutely not. So selling the Bitcoin at 22% – 25% lower than the actual price is not the best decision that Chinese traders did. Also, the PBOC will start working on some regulations for Bitcoin. In a few months or even faster – we will probably hear news that China accepts Bitcoin Exchanges & ICOs again.

Though a question goes on my mind? What will happened with the Bitcoins mined by Chinese miners? 

Jamie Dimon Called Bitcoin A Fraud. Again.

The notorious CEO, chairman and president of JP Morgan and Bitcoin hater since 2014, made another announcement that denigrates the image of Bitcoin for a normal person point of view. Jamie Dimon called Bitcoin a “fraud” and says Bitcoin is “worse than tulip bulbs”.

Source: @andrei_arsenvic

Moreover, he mentioned that any employee that would trade Bitcoin would be fired:

I’d fire them in a second. For two reasons: It’s against our rules, and they’re stupid. And both are dangerous.

But he didn’t stopped here. Apparently, Mr. Jamie’s daughter actually bought some Bitcoin according to ZeroHedge, as he declares:

My Daughter Bought Bitcoin. It Went Up, Now She Thinks She Is A Genius

I’m really curious if Jamie acknowledged that he actually thinks his daughter is stupid. Maybe this wasn’t his intention, but this is how it’s perceived. Besides this, Jamie said that Bitcoin has no future in 2015, when the Bitcoin price was $406. Now in 2017, he does it again when Bitcoin is $4,000. Let’s hope his opinion will be the same when Bitcoin will be $40,000 in 2019.

JP Morgan Buys Stocks From Bitcoin Funded Company

After his declarations about Bitcoin, a lot of people started watching JP Morgan to see if they actually don’t trade Bitcoin publicly. And the results was: yes, they actually did traded Bitcoin.  JPMorgan Securities made a couple of transactions on a Swedish stock exchange company where they bought and sold Bitcoin XBT – an instrument that tracks the Bitcoin price.

According to Nordbank’s data, JPMorgan holds over 9,000 XBT shares. And as far as I know, XBT is backed by Bitcoin holdings – therefore, JPMorgan actually invested in Bitcoin. Jamie actually shows a bit of hypocrisy here, as he declares that Bitcoin is a fraud but his company buy stocks from bitcoin funded companies. But hey – Jamie Dimon – what can you expect from the guy who was fined 13 billion USD for fraudulent mortgages investment?

 

h/t @andrei_arsenvic

And it’s probably not the last time when Dimon will trash-talk about Bitcoin. After all, more and more traders are switching to the crypto market instead of the stock market and a lot of people got rich only by holding some cryptocurrency for a long period of time.

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  • doofus

    How did the September 30, 2017 Chinese crypto ban thing turn out?

  • Jamie Dimon = Senator Palpatine