JP Morgan caught red-handed buying the Bitcoin dip offshore \ stacker news ~bitcoin

JP Morgan caught red-handed buying the Bitcoin dip offshore

78 sats \ 11 comments \ @bitcointerest 20 Aug 2023 bitcoin

5 sats \ 2 replies \ @orthzar 20 Aug 2023

JP Morgan is not buying BTC. They're buying XBT, which is an Exchange Traded Note. If a BTC ETF existed, they'd be buying that.

JP Morgan doesn't care about BTC, they only want to get in on the price action. Typical fiat maximalists.

10 sats \ 1 reply \ @bitcointerest OP 20 Aug 2023

I understand, but they are still getting exposure to Bitcoin. They have started dipping their toe in the ecosystem. Everyone has to start somewhere, right?

10 sats \ 0 replies \ @orthzar 20 Aug 2023

If it were 2017, you would be right -- JP Morgan would have time to play around with XBT and then eventually buy BTC.

But it's August 2023. The global economy is crashing. Now is not the time to be playing. The Titanic is already sinking; playing with a toy boat (XBT) is a dangerous waste of time. JP Morgan should be running for the lifeboat (BTC).

5 sats \ 4 replies \ @stackeraw 20 Aug 2023

Bitcoin exposes incentives while fiat hide the powers in the dark. Jamie Dimon should be the legendary winner of this symbolism. He is the king of hiprocrites

0 sats \ 3 replies \ @bitcointerest OP 20 Aug 2023

What I find scary is the fact that these hypocrites will eventually enter this space and mold it to their liking.

0 sats \ 2 replies \ @stackeraw 20 Aug 2023

Yes also think so. its for the short term. But in the long run bitcoin is a network for every one. The network will heal itself from poison that make them rich in an unjustice way. And in that network they will be minority. In the long run their power will be taken back to the plebs. Their greediness is the way their distruction

10 sats \ 1 reply \ @bitcointerest OP 20 Aug 2023

So true. Let's hope majority will eventually use their resources to benefit the ecosystem. When that happens then the poisonous organizations will seize to exist in this space. We at least have a few good apples already entering this space.