Nobody I know on Wall Street has changed their tune with cryptos. What has changed is recognition that the wealth transfer of a generation is happening through them. Nobody wants to hold it, but everyone wants to broker it. And you can’t try and sell Bitcoins, or even facilitate order flow, if your CEO is on record calling it a fraud.
I recently watched the 1983 comedy Trading Places again. Quote:
Randolph Duke: "Now, some of our clients are speculating that the price of gold will rise in the future. And we have other clients who are speculating that the price of gold will fall. They place their orders with us, and we buy or sell their gold for them."
Mortimer Duke: "Tell him the good part."
Randolph Duke: "The good part, William, is that, no matter whether our clients make money or lose money, Duke & Duke get the commissions."
If JD wanted to take a stake in Bitcoin, trash talking beforehand could help, and i think this could have been the case.
most reasonable people would prefer to stay silent but JP Morgan plays the "bad boy bank" role with gusto, second only to Goodman Sachs. both organizations openly break the law while eating the fines as an operating expense, bet against their own clients and ensnare nation states in unpayable debt with what most laypeople would think is unbelievable power and control.
compare that to a few choice words in an unregulated wild west market and perhaps id be stupid not to think it was intentional.
his reversal seals it for me. (unless this is yet more strategy on his part)
He made his 'Bitcoin is a fraud' comment in September when Bitcoin was somewhere between $3000-$4000. In October, he called Bitcoin investors stupid.
Bitcoin has done nothing, but increase in value since then. If JD was trying to spread FUD in order to buy cheap....that clearly didn't work. No one in the Bitcoin space gives a shit what that guy says.
Actually, it worked brilliantly. He timed it right with the September China fud and probably picked up some coin right at the 3k low on the dip on that news.
JPM and GS do business at enough of a difference in scale that I don't really see them as similar. What are some examples of this "bad boy bank" behavior? It should be something beyond the existence of rogue traders, since by definition these traders operate outside the awareness and consent of their management and thus their actions can't be attributed to the intentions of the organization as a whole.
Yea this is the usual sad song after the big money has been made and the sheeple fleeced. Rinse and repeat. Look at boom/busts of the past. The powers that be know exactly what they are doing. "A fraud" until you find out the internal hedge fund has been trading it for months and NOW they are setting up a customer trading desk. Get the joke?
Dunking on all these fucking bankers is going to be the sweetest thing ever. I hope every last one of these pieces of shit is holding a big hoard of crypto when it finally crashes. I've already sold them a LOT but I've got a fair bit to go.
