Category Archives: JPMorgan

JPMorgan Suffers Whiplash as They Say Bitcoin Could be the New Gold

A strategist at JPMorgan Chase now says that Bitcoin could be a legitimate asset like gold even though CEO Jamie Dimon rips into the cryptocurrency. Will JPMorgan suffer whiplash from this constant back-and-forth?


Is there a doctor in the house? We could use one as JPMorgan Chase once again does an about-face concerning Bitcoin, which may lead to a case of whiplash. The banking and financial services giant has a dubious history with the popular cryptocurrency, mainly due to their CEO, Jamie Dimon, who has publicly and repeatedly lashed out at Bitcoin while praising the underlying blockchain technology. Now one of their strategists says that Bitcoin could be the new gold and be a legitimate asset.

http://bitcoinist.com/wp-content/uploads/2017/08/gold-ingots-golden-treasure-47047.jpeg

 

Going Back and Forth

A global markets strategist at JPMorgan Chase, Nikolaos Panigirtzoglou, recently issued a report that painted a far warmer picture of Bitcoin than the company’s CEO. The fact that the Commodity Futures Trading Commission has approved the launch of Bitcoin futures trading for CME and the Cboe Futures Exchange puts the status of the digital currency in a new light.

In his report, Nikolaos Panigirtzoglou says:

The prospective launch of bitcoin futures contracts by established exchanges in particular has the potential to add legitimacy and thus increase the appeal of the cryptocurrency market to both retail and institutional investors.

Panigirtzoglou goes on to add:

In all, the prospective introduction of bitcoin futures has the potential to elevate cryptocurrencies to an emerging asset class. The value of this new asset class is a function of the breadth of its acceptance as a store of wealth and as a means of payment and simply judging by other stores of wealth such as gold, cryptocurrencies have the potential to grow further from here.

All This Pivoting Makes My Neck Hurt

The flip-flopping between the various personalities at JPMorgan is enough to give anybody whiplash. We now have one of their strategists touting Bitcoin, and the company has been actively involved in blockchain technology for quite some time. They began work on Quorum, their open-source transaction network for data privacy, back in 2015. JPMorgan Chase is also a founding member of the Enterprise Ethereum Alliance and recently went into partnership with the developers of Zcash.

Jamie Dimon

Yet Jamie Dimon, their CEO, absolutely loathes Bitcoin, calling it a fraud. Back in 2016 at the World Economic Forum, Dimon said:

Bitcoin the currency, I think, is going to go nowhere. And it’s not because of anything to do with the technology. Governments, when they form themselves, form their currency. Governments like to control currency, know where it goes, and who it goes to, and control it for monetary purposes. There is nothing behind a Bitcoin, and I think if it was big, the governments would stop it. I mean that’s my own personal belief, I may be dead wrong.

This last September, Jamie Dimon once again ripped into Bitcoin, saying:

Who cares about bitcoin? The world economy’s so big, JPMorgan alone, $ 6 trillion, we move all this money, and bitcoin in total, all these currencies, $ 50 billion dollars, maybe a billion dollars trades a day.

It’s almost like JPMorgan is Jekyll and Hyde. The company is banking on the blockchain while their CEO continually badmouths the cryptocurrency that helped bring the technology into the limelight. I’m surprised that they don’t have an in-house doctor to treat all the whiplash that must be going on.

What do you think about JPMorgan’s various stances on Bitcoin? Let us know in the comments below.


Images courtesy of Wikimedia Commons, Bitcoinist archives, and Pexels.

The post JPMorgan Suffers Whiplash as They Say Bitcoin Could be the New Gold appeared first on Bitcoinist.com.

Bitcoinist.com

The post JPMorgan Suffers Whiplash as They Say Bitcoin Could be the New Gold appeared first on Digital Money Times.

Crypto Market Surges Past $300 Billion, Sights Set on JPMorgan Chase

The rise of the digital currency market is continuing its upward trajectory, with the combined market value setting a new record of over $300 billion during trading Monday. Figures from CoinMarketCap show that the total value reached $305.3 billion at 07:47 UTC on the 27th November. As a result of this rise in value, the […]

This post Crypto Market Surges Past $300 Billion, Sights Set on JPMorgan Chase first appeared on Coinjournal.

The Royal Flush

silverseek.com / Theodore Butler / December 15, 2016 – 1:15pm

In order to make a point, I’m going to address a very popular question, by giving the answer first and then providing the question. The answer does involve a bit of imagining on your part. I ask you to picture yourself at the highest stakes poker game imaginable, where quite literally many billions of dollars are at stake and in which you have just been dealt the indisputable best hand possible – a royal flush. Please accept that you are guaranteed to win.

It’s the last deal of the game with winner take all. The pot is enormous and all the other participants have been dealt very high and normally winnable hands and are flush with funds and every player is intent on raising and re-raising as each new bet is made. You have plenty of betting funds left and know that you must win in the end; so it is obvious that you will sit back and enjoy the circumstances and hope the raising and re-raising will continue for as long as possible, making the once-in-a-lifetime pot as large as possible – tens and hundreds of billions of dollars.

The most popular question in silver and the one I ask myself daily is when will JPMorgan finally decide it holds enough silver and let the price rise? The answer is only when it has to. By virtue of its massive physical holding of silver, which is more than 550 million oz (and growing), JPMorgan has as much incentive to rush the price resolution as you would have to end early the imaginary poker game. JPMorgan has been guaranteed to win the real silver game of a lifetime ever since its physical holdings came to exceed its COMEX paper short position, a threshold it crossed in late 2011 or early 2012. Ever since then, JPM has sat back, content to add to its physical silver holdings at decreasing prices, because it knew it must win in the end.

As much as a royal flush in poker, silver is guaranteed to be a huge winner for JPMorgan for the simple reason that the bank controls the market. Don’t believe me? Then try explaining how it is possible, since acquiring Bear Stearns in 2008, that JPMorgan has never taken a loss, only profits, on every COMEX short silver position it has ever taken, all while being the largest short holder? Not only does JPMorgan have a perfect record on the short side of COMEX silver futures for nearly nine years running; for the past nearly six years, making paper profits (in the billions of dollars) by shorting paper contracts was not even the bank’s greatest achievement. That honor must be reserved for JPMorgan’s accumulation of more than half a billion ounces of actual metal, all on price declines it rigged itself. Based upon those two circumstances, is it possible for any entity to demonstrate greater control over any market than JPMorgan has done in silver?

READ MORE

The post The Royal Flush appeared first on Silver For The People.

Most Hedge Funds Missed The Trump Rally: JPMorgan Explains Why

zerohedge.com / by Tyler Durden / Dec 11, 2016 3:40 PM

While the overall market reaction to the Trump victory has been swift and powerful, with the both the Dow Jones and S&P hitting almost daily record highs, as stocks – especially banks, financials, “value” and those without duration exposure – have soared, the benefits from these surges have not been captured by all market participants. In fact, according to the latest JPM analysis, most hedge funds investors have been unable to capture the upside from the recent market spike, while not a single investor class has been able to outperform the S&P500’s 3.8% gain in the period from November 7 to December 7.

Here are some more observations from JPMorgan, which two weeks ago argued in its weekly “Flows & Liquidity” publication, that “investors appeared in general too reluctant or too slow to embrace the Trump trade post the US election.”

That conclusion was based on the performance of various investor types since the election, at least the ones that report their performance on a daily basis. These performances had shown that only a few types of investors had managed to benefit from the big market moves since Trump was elected. This is shown in Figure 4 which updates the performance of daily reporting hedge funds and mutual funds since Nov 7th. The message is similar to that of two weeks ago: with perhaps the exception of currency hedge funds, investors did not have enough beta to the Trump trade.

READ MORE

The post Most Hedge Funds Missed The Trump Rally: JPMorgan Explains Why appeared first on Silver For The People.

Most Hedge Funds Missed The Trump Rally: JPMorgan Explains Why

zerohedge.com / by Tyler Durden / Dec 11, 2016 3:40 PM

While the overall market reaction to the Trump victory has been swift and powerful, with the both the Dow Jones and S&P hitting almost daily record highs, as stocks – especially banks, financials, “value” and those without duration exposure – have soared, the benefits from these surges have not been captured by all market participants. In fact, according to the latest JPM analysis, most hedge funds investors have been unable to capture the upside from the recent market spike, while not a single investor class has been able to outperform the S&P500’s 3.8% gain in the period from November 7 to December 7.

Here are some more observations from JPMorgan, which two weeks ago argued in its weekly “Flows & Liquidity” publication, that “investors appeared in general too reluctant or too slow to embrace the Trump trade post the US election.”

That conclusion was based on the performance of various investor types since the election, at least the ones that report their performance on a daily basis. These performances had shown that only a few types of investors had managed to benefit from the big market moves since Trump was elected. This is shown in Figure 4 which updates the performance of daily reporting hedge funds and mutual funds since Nov 7th. The message is similar to that of two weeks ago: with perhaps the exception of currency hedge funds, investors did not have enough beta to the Trump trade.

READ MORE

The post Most Hedge Funds Missed The Trump Rally: JPMorgan Explains Why appeared first on Silver For The People.

From 65 Days To 9 Hours – The Incredible Shrinking Life Of Market Crashes

zerohedge.com / by Tyler Durden / Dec 8, 2016 3:10 PM

The opportunity to buy the crash-event dip has diminished dramatically in the last year.

As JPMorgan’s Marko Kolanovic notes, the market’s response to recent major catalysts has become progressively shorter (as measured by time to recovery)

READ MORE

The post From 65 Days To 9 Hours – The Incredible Shrinking Life Of Market Crashes appeared first on Silver For The People.

From 65 Days To 9 Hours – The Incredible Shrinking Life Of Market Crashes

zerohedge.com / by Tyler Durden / Dec 8, 2016 3:10 PM

The opportunity to buy the crash-event dip has diminished dramatically in the last year.

As JPMorgan’s Marko Kolanovic notes, the market’s response to recent major catalysts has become progressively shorter (as measured by time to recovery)

READ MORE

The post From 65 Days To 9 Hours – The Incredible Shrinking Life Of Market Crashes appeared first on Silver For The People.

JPMorgan Employee Tried To Steal $5 Million In 22 Wire Transfers To Cover Gambling Debt

zerohedge.com / by Tyler Durden / Dec 8, 2016 1:44 PM

It appears JPMorgan has employee screening – or perhaps retention – problems.

According to Reuters, a (now former) JPMorgan employee, who was ordered to attend counseling for gambling, is facing criminal charges that he engaged in a scheme to steal $5 million from the bank in order to pay personal debts.

That in itself would not be exciting, however the details of how he planned on stealing from the bank to repay his debt, is.

Lawrence Obracanik, who worked as an operations manager for JPMorgan’s broker-dealer services, was charged in a criminal complaint made public on Wednesday in federal court in Manhattan with wire fraud and attempted wire fraud. According to the filed complaint, from July 2014 to February 2016, Obracanik made or tried to make 22 wire transfers for more than $5 million from an account at JPM to an account at another bank belonging to an unnamed individual.

READ MORE

The post JPMorgan Employee Tried To Steal $5 Million In 22 Wire Transfers To Cover Gambling Debt appeared first on Silver For The People.

Chile rejects attempt to block modified Barrick Gold mine project

gata.org / By Rochelle Toplensky and Martin Arnold via Financial Times, London / December 6, 2016

Brussels on Wednesday will hit HSBC, JPMorgan, and Credit Agricole with multimillion-euro fines for rigging the Euribor interest rate benchmark, closing a five-year cartel probe into a scandal that shook the financial world.

The three banks held out against a 2013 settlement with the European Commission that imposed almost E1 billion of fines on Deutsche Bank, Societe Generale, and Royal Bank of Scotland.

Margrethe Vestager, the EU’s competition commissioner, is expected to unveil fines on the trio of banks ranging from tens of millions of euros to the low hundreds, according to people familiar with the case.

The decision is an example of the long shadow that still hangs over the industry from alleged misconduct during the years of the financial boom. …

Ms. Vestager is still developing a cartel case against multiple banks for allegedly manipulating the $5.3 trillion forex market. Given the extent of evidence in the hands of investigators, officials expect any forex fines to exceed those imposed during the rate-rigging probes. …

… For the remainder of the report:

https://www.ft.com/content/c43c4f8e-bbd7-11e6-8b45-b8b81dd5d080

SOURCE

The post Chile rejects attempt to block modified Barrick Gold mine project appeared first on Silver For The People.

JPMorgan, HSBC, Credit Agricole “Bank Cartel” Fined $521 Million For Euribor Rigging

zerohedge.com / by Tyler Durden / Dec 7, 2016 6:54 AM

With global bank stocks soaring on expectations – and hope – that financial sector regulation will be broadly swept away under Trump, today Europe did its best to show that, at least for now, the banks are not in the clear when the European Commission has fined JPMorgan, Credit Agricole and HSBC a total of €485 million ($521 million) for rigging the Euribor benchmark as European Union antitrust regulators wrapped up a five-year investigation into the scandal.

The three banks colluded on euro interest rate derivative pricing elements, and exchanged sensitive information, in breach of EU antitrust rules, the European Commission said on Wednesday in an e-mailed statement. JPMorgan was fined 337.2 million euros, HSBC got a 33.6 million-euro penalty and Credit Agricole must pay 114.7 million euros. Margrethe Vestager, the EU’s competition policy chief, said banks “have to respect EU competition rules just like any other company operating in the single market.”

“The aim of the cartel was to distort” Euribor, Ms Vestager said. The traders involved “tried to submit quotes to move the Euribor rate up or down”. The Commission found evidence in records from online messaging services of traders “congratulating each other on work well done,” she said adding that “The enforcement of competition rules brought to light widespread collusion between banks.”

READ MORE

The post JPMorgan, HSBC, Credit Agricole “Bank Cartel” Fined $521 Million For Euribor Rigging appeared first on Silver For The People.

Brussels to fine three banks over Euribor rate rigging

gata.org / By Rochelle Toplensky and Martin Arnold via Financial Times, London / December 6, 2016

Brussels on Wednesday will hit HSBC, JPMorgan, and Credit Agricole with multimillion-euro fines for rigging the Euribor interest rate benchmark, closing a five-year cartel probe into a scandal that shook the financial world.

The three banks held out against a 2013 settlement with the European Commission that imposed almost E1 billion of fines on Deutsche Bank, Societe Generale, and Royal Bank of Scotland.

Margrethe Vestager, the EU’s competition commissioner, is expected to unveil fines on the trio of banks ranging from tens of millions of euros to the low hundreds, according to people familiar with the case.

The decision is an example of the long shadow that still hangs over the industry from alleged misconduct during the years of the financial boom. …

Ms. Vestager is still developing a cartel case against multiple banks for allegedly manipulating the $5.3 trillion forex market. Given the extent of evidence in the hands of investigators, officials expect any forex fines to exceed those imposed during the rate-rigging probes. …

… For the remainder of the report:

https://www.ft.com/content/c43c4f8e-bbd7-11e6-8b45-b8b81dd5d080

SOURCE

The post Brussels to fine three banks over Euribor rate rigging appeared first on Silver For The People.

Venezuelan President Threatens Legal Action Over JPMorgan’s “Campaign Of Terror”

zerohedge.com / by Tyler Durden / Nov 22, 2016 12:03 PM

Following last night’s news that Venezuela’s state-owned oil company PDVSA had missed payments on several bond coupons, the company has categorically rejected the false accounts published in the media arguing that the payments were “in effect, sent to Citibank and then JPMorgan comes out with that totally false information this afternoon.” Del Pino raged that Citibank deliberately delayed payments from PDVSA as part of a “campaign of terror” against the company and Venezuelan President Maduro is looking into legal action against JPMorgan over their report.

As we detailed overnight, PDVSA in October swapped $2.8 billion in bonds due in 2017 for new bonds maturing in 2020... but that bounce is now dead…

READ MORE

The post Venezuelan President Threatens Legal Action Over JPMorgan’s “Campaign Of Terror” appeared first on Silver For The People.

Bitcoin Exchange Coin.mx Opereator Released on $75,000 Bond

cointelegraph.com / Joseph Young / 2016-11-16 10:55 AM

A second Tampa Bay man has been charged for conspiracy and operating an unlicensed money transmitting venture. Ricardo Hill, one of the nine men allegedly linked to the JPMorgan data breach in 2014, was released on a $75,000 bond.

Last week, Hill appeared at a Manhattan court […]

The post Bitcoin Exchange Coin.mx Opereator Released on $75,000 Bond appeared first on The Bitcoin Channel.