JPMorgan might be getting into bitcoin even though Jamie Dimon hates it

pulse

November 21, 2017 9:06 PM

JPMorgan CEO Jamie Dimon's opposition to bitcoin, the red-hot cryptocurrency up more than 700% this year, is no secret.

JPMorgan is considering whether or not to help clients tap into a potential market for bitcoin futures, according to The Wall Street Journal.
CEO Jamie Dimon has derided the digital currency as a "fraud" and said he'd fire employees for trading bitcoin.

JPMorgan CEO Jamie Dimon's opposition to bitcoin, the red-hot cryptocurrency up more than 700% this year, is no secret.

The billionaire has derided the cryptocurrency as a "fraud," useful only for criminals and murderers. He also said he would fire employees of the bank trading bitcoin for being stupid.

Dimon has since pledged that he will keep quiet about the cryptocurrency.

Still, the US bank is considering whether it will help its clients tap into a potential bitcoin futures market being prepared by the exchange giant Chicago Mercantile Exchange, according to a report by The Wall Street Journal.

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"We would not overstate this, as a material reduction in volatility would require there to be a large community of speculators prepared to provide liquidity to the natural owners of the various coins, but given the volatility of the coin markets, maybe there already exists a cadre of participants who would look to short coins on strong days and vice versa, which could overall reduce volatility."

JPMorgan did not immediately respond to a request for comment.

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