Jamie Dimon is a liar, a fraud and in his own words: "stupid" - Did he intentionally manipulate Bitcoin market?

Last week Jamie Dimon, CEO of the largest US Bank JP Morgan called Bitcoin a fraud and said he believes it will blow up. He also stated that he would fire any trader who invests in Bitcoin for being "stupid".

These statements from such a powerful banker added to the atmosphere of fear, uncertainty and doubt, called FUD in crypto lingo. The news that China is banning all crypto to fiat exchanges undoubtedly added to the FUD. This resulted in a huge dip of Bitcoin prices of over 30% in 24 hours and with it, a huge dip of almost all altcoins. The Bitcoin price fell from about $4350 to under $3000.

Thanks to trading records on Nordnet, we now found out that JP Morgan invested about $60M dollars in Bitcoin. They essentially bought the dip they helped create. If prices reach recent highs again, JP Morgan would make a profit of around $35M dollars.

There is a good possibility, that Jamie Dimon intentionally manipulated the market, to buy into Bitcoin at lower prices. This means Jamie Dimon lied when making these statements last week, hoping for weak hands in the crypto market.

The trading records of Nordnet show that other major financial institutions are also entering (or further accumulating) the Bitcoin market. We can see that institutions like Morgan Stanley, Goldman Sachs, HSBC, Barclays and Credit Suisse all bought Bitcoins worth tens of millions or even hundreds of millions of dollars after the major retraction. So we see a lot of institutional money pouring into the crypto market which must mean that they feel safe making such substantial investments.

So the next time we hear bankers rail against cryptocurrencies, we have to ask ourselves if they may have ulterior motives. We always have to keep in mind that this may only be another scheme to lower market prices.