JP Morgan calls Bitcoin a fraud but then buys a stash of it

In an ironic turn of events, it appears that JP Morgan Chase is one of the benefactors of the recent meltdown of Bitcoin prices. It has bought a block of Bitcoin, just a few days after its CEO, Jamie Dimon, called Bitcoin a fraud and said that it will blow up very soon.

Bitcoin prices were affected by the statement of JP Morgan Chase CEO followed by the shutting down of Bitcoin exchanges in China. A lot of people went ahead to cash out fearing to lose their investments in a day. During this price crash time, although a lot of people cashed out, there were some opportunists as well, which went ahead and bought the Bitcoins at low prices. One of them is JP Morgan Chase, as identified by a Twitterati.

Not just that, a job opening also surfaced on their website for a blockchain expert dubbed as ‘Technical Project Execution Manager’. The description says,

“The Blockchain Center of Excellence (BCOE) leads efforts for applications of distributed ledger technology (DLT) within J.P. Morgan. We are exploring Blockchain use cases and piloting solutions across business lines. We are active in the Blockchain ecosystem: developing technology, investing in strategic partnerships and participating in industry consortia.”

Bitcoin has had a very bumpy ride in the last few weeks with criticism from banking professionals, the shutdown of Bitcoin exchanges in China and meltdown of its price to $3000 – a number reached for the first time in weeks. Despite all these bad news, Bitcoin has emerged as a winner and its price is back to $4000.