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People thought they caught JPMorgan buying bitcoin after Jamie Dimon called it a 'fraud' — but that's not what happened

Published 09/19/2017, 01:55 AM
Updated 09/19/2017, 09:29 AM

But like most outrage on the internet, it was unwarranted.

The screenshot, which was retweeted over 2,000 times, shows JPMorgan (NYSE:JPM) was among one of the largest buyers of a bitcoin exchange traded note trading on Nasdaq's Stockholm exchange. Here's the tweet:

Tweet Embed:
https://twitter.com/mims/statuses/908831764457672709
We see you

Immediately Twitter erupted, lambasting JPMorgan CEO Jamie Dimon, who recently called bitcoin "a fraud" and said it was "worse than tulip bulbs," as a hypocrite. Some questioned whether Dimon, whose comments triggered a sell-off of the coin, purposely bashed the cryptocurrency so JPMorgan could "buy low."

Tweet Embed:
https://twitter.com/mims/statuses/908969457829085184
Quoted you in my article exposing and his " is a Fraud" endgame

Others wondered if Dimon would follow through on his promise to fire employees of the bank who traded the cryptocurrency. Here's one tweet:

Tweet Embed:
https://twitter.com/mims/statuses/908834799028228096
Can someone ask Dimon if he's honouring his word and fire these people

Dimon probably won't be firing anyone, but not because he's behind some sort of bitcoin-related conspiracy. He won't be firing anyone at the bank, because the orders weren't placed by JPMorgan employees.

"They are not JPMorgan orders," a spokesman said in an email to Business Insider."These are clients purchasing third party products directly."

In other words, JPMorgan asset managers weren't buying this product for their clients. Rather, the bank's clients were using JPMorgan's pipes to buy it themselves.

Latest comments

it's still very ironic, don't you think??
Yep
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