Was JP Morgan manipulating the Bitcoin Price to buy low?

last week Bitcoin Price took a big hit. One of the reasons this happened is the comments of Dimon, The CEO of JP-Morgan.

Dimon said that Bitcoin was a Fraud. As a reaction, the price has gone from 5000$ to almost 3000$. Jamie Dimon was responsible for almost half of the price drop.

I don’t want to go into details, here are my two cents:

“First, he says it is a fraud. Actually, bitcoin is possibly the most transparent system of money ever devised. Every trade that has taken place, no matter how large or little, is recorded on a database, also known as the blockchain, which can be shared on tens of thousands of computers around the globe and visible to all. Every entrance is permanent. The whole system is built, not on fraud, but on proof.” [This is what Bitcoin Mining is for]

Mohamed-Ali Said on Twitter

Jamie Dimon: Bitcoin Is a ‘Fraud’ https://t.co/R1N1zJZgCX via @CoinDesk

Days after that JP Morgan bought 19000 Bitcoin Shares!

JP Morgan, the global banking giant, has bought 19,102 bitcoin shares in the Swedish Nasdaq traded bitcoin ETN, translating to around 95 bitcoins, worth some half a million dollars.

They also sold around 9,000 shares, translating to some 40 bitcoins, seemingly keeping the rest, at least for now, according to data provided by the ETN. [Source]

Trustnodes gives 2 explanation for this:

The purchase, however, was created just days after Jamie Diamon said he’d fire anyone who deals bitcoin. Which may suggest the bank is fully ignoring him waiting out his retirement or the CEO is completely out of touch.We do not know which one applies, but what we do know is that his daughter is not taking his information. Nor, really, his bank, which is a member of this Ethereum Enterprise Alliance.

We do not know which one applies, but what we do know is that his daughter is not taking his advice. Nor, really, his bank, which is a member of this Ethereum Enterprise Alliance.

Whether Jamie Dimon would like to acknowledge it or not his firm has been trading bitcoin-based notes. Further JP Morgan can’t hide the fact that they’re investing money in blockchain technologies, just like the countless other financial institutions expecting that they won’t be substituted.


JP Morgan buying bitcoin

JP Morgan buying bitcoin [Source]

What we can tell for sure is that old bankers don’t seem to get bitcoin or just don’t want to. After all, if bitcoin becomes mainstream they will lose their jobs [kind of].

Dimon was wrong about bitcoin 3 times before, Quartz even goes out to say that it is always a good time to buy bitcoin whenever Dimon makes a bad statement about it.

Andrei Arsenevich on Twitter

I’m adding all of Jamie Dimon’s #btc quotes to this infograph. Keep them coming, @jpmorgan ! #cryptocurrency #ethereum #bitcoin

Dominic Frisby the author of Bitcoin: the Future of Money? wrote this about the future of bitcoin.

If bitcoin was going to disappear, it would have disappeared by now. It’s here to stay, though I’d say it is unlikely to replace the primacy of the US dollar. Rather, we are headed into an age in which multiple currencies coexist, some private some public. There are already more than a thousand cryptocurrencies, each designed for a different purpose. In a few years, just as we have different apps on our phones, so will we have different “wallets” with different currencies: one we might use for tipping (dogecoin), another for transactions we want kept private (monero, zcash) another for fast transactions and so on. It’s rather Hayekian.

Trevon James made a very good video about the topic you can watch it here:

Video Transcript

so today I want to talk about the Bitcoin Illuminati conspiracy theory surrounding Jaimie mortgage anymore here Jamie Dimon and JP Morgan alright so if you didn’t know the other day Jamie Dimon the CEO of JP Morgan came out and said you know his phone right here he said you know bitcoin is a fraud and it’s never going to be anything basically is nothing and you’re wasting your time sir why you been looking at the scam that’s called Bitcoin right so he’s a free legitimate person and CEO checking more arrests huge huge banks and stuff like that so the price crashed all the way down to here now Bitcoin has had a lot of deaths

Bitcoin I’ve been in Bitcoin for about coming up on two years now and Wow it’s been two years there have been a lot of times where people higher up people come out and they say Bitcoin is a fraud it’s just you know it’s waste of time it’s not gonna be anything in the precious tanks and tanks but it always goes back up so there there’s a site called 99 Bitcoin so we’re actually shows you how many Bitcoin how many times Bitcoin has died is called Bitcoin obituaries right so every time Bitcoin dies this person post the article it’s been over 160 times that people have said Bitcoin was nothing last one being JPMorgan if you scored I can go through all of them right so when Jamie Morgan’s coming Jamie Morgan so when Jamie Dimon said that Bitcoin was a fraud I automatically knew something’s up right so going on Instagram looking for memes and stuff I found I made this meme first I said thanks for the cheap Bitcoin make sure you follow me on instagram to Palmilla follow me on instagram it’s a great place with my histogram is a great place so I made this and cuz I was just thinking man this dude there’s dudes up to something so I was looking around.

I found this someone posted this and this was all the times that Jamie said something negative about Bitcoin so and I was I was already kind of feeling kind of iffy about this cuz I was like missing like somebody clearly made this cuz there’s a smiley face right there so what I did is I looked up each one of these so on January 23rd this dude said Bitcoin is a terrible store of value now my theory is this dude

wants to take the price he wants to say something very negative about it so he can buy it back cheaper so bitcoin is a terrible storm value i typed in january 23rd 2014 Jamie Dimon and this is what I found this is January 23rd 2014 it’s a terrible story value and then so you look here twelve months later it was down stereocenter now this is before Bitcoin had that strong community all right so next time he came out he said November 15 is biklen when I survive and you’re wasting your time with Bitcoin last night maybe it’s a little article or something but you’re wasting your time with Bitcoin all right 12 months later the prices up 82% then January 20th 2016 Bitcoin is going nowhere where did I see that Bitcoin the currency is going nowhere there is nothing behind it and if it was a if it was big the government’s will stop it said diamond all right 113 percent so to that the other day said Bitcoin is a fraud so if there ever was a buy signal right so now there’s nothing out there to us but up until this point there was no proof that you know I could just be saying this he’s gonna he’s just trying to buy cheap until this morning I seen this this is um adatasheet basically showing who were the biggest buyers at attendance the past 24 hours and JP Morgan is here and here they were the biggest buyers of Bitcoin.

Yeah like come on man that’s some Illuminati type manipulation that’s why you really cannot trust anybody whenever someone cell says you know something’s bad you gotta be thinking I just wanted for cheating so they not do even more research so I’m here on the Bitcoin historical data I’ll call mark cap and I did all time for Bitcoin and yesterday on that dip or that all that buying that happened was four billion dollars in volume trading on Bitcoin yesterday was the highest volume Bitcoin has ever had there has never been more by volume other than yesterday so for four I think there’s billions for billion right if I scroll down I will not see any more for billions I see someone’s twos and the further I scroll down or less it’ll you know and it gets much lower lower and lower and lower and lower lower low so yesterday was the highest trading volume of all time so basically Jamie Dimon belligerents it belligerently not the word he literally tanked the market on purpose so he could buy up a crap ton of Bitcoin for the for the low low at 2900.

Whatever banks will tell you about bitcoin. it is here to stay. Mining will keep your money and information secure. And the sooner you jump in the sooner you can start making money on your investments.

Where can you start? Read more about cloud mining, contribute to the revolution and make money in the process.

This article was written by:
The Engineer
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