Oh look, JP Morgan has it's own cryptocurrency for institutional accounts

JPM and company, including CEO Jaime Dimon, are getting some flack for their new company coin after publicly criticising Bitcoin. That’s how the Internet works I guess.

Of course, some don’t consider this a cryptocurrency since it’s not for the retail crowd, and only meant to be used the institutions working with JPM. It’s potentially a XRP killer, or at least that’s what the media is saying. And then others calling it a complete fraud:

But all that’s happening with JPM Coin, a stablecoin pegged to the dollar at a 1 to 1 ratio, is a client gives JPM a dollar, and JPM’s computer remembers it gave them a dollar and that they’re obligated to give it back when the customer wants to withdraw it.

That is literally exactly how things were at JPM before this so-called cryptocurrency. Clients would give them their money, and they’d give it back when the clients asked for it.

That’s just called banking.

That’s pretty funny. “That’s just called banking.:joy:

MarketWatch Jaime Dimon bitcoin quotes

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I almost feel like this was all planned right from the get go.

Like an ongoing campaign to stay in the news, even if your position was against the topic?

Very possible. Even bad press is still press.

According to a SEC document, JPMorgan will be launching a crypto-backed stocks investment basket. The Wall Street giant will be providing its clients with indirect cryptocurrency exposure into several major companies whose investment into the digital coin industry, most notably with Bitcoin, has been exploding over the last couple of months.
This is not at all surprising, I think.

Too much pressure from clients for exposure to crypto markets from a “reputable” source.

I wonder what will happen when some of these bubbles burst…

I’m assuming JPM is suggesting exposure on the smaller side, given cryptocurrency volatility.

Or not, and selling it as a once in a lifetime opportunity.

Either way, they collect their fee.