JP Morgan getting into Bitcoin Futures trading

You can’t make this stuff up.

A few months after JPMorgan CEO Jamie Dimon called bitcoin a “fraud” and something he said his traders would be fired for trading.

Today his firm is considering providing clients with access to CME’s new bitcoin futures product.

Reread that last part…

His firm is now looking at offering bitcoin products to their clients.

Are you kidding me?

I kid you not!

With news out yesterday that CME is hoping to have bitcoin futures products officially launched by December 11th, many are looking to participate, including big banks.

More on the CME futures launch can be read here:

If JPMorgan does indeed do this, it looks like Jamie is going to have to fire his entire trading staff!

Some notable quotes about bitcoin by Mr. Jamie Dimon:

“If you’re stupid enough to buy it, you’ll pay the price for it one day.”

“The only value of bitcoin is what the other guy’ll pay for it.”

“Honestly I think there’s a good chance of the buyers out there are out there jazzing it up every day so that maybe you’ll buy it too, and take them out.”

“It’s just not a real thing, eventually it will be closed.”

“It’s worse than tulip bulbs. It won’t end well. Someone is going to get killed.”

“It’s a fraud.”

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

Pot calling the kettle black much?

Funny how things can change so quickly.

Here’s McAfee taking the opposite of Dimon’s trade:



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