JP Morgan Executive Hate on Calling Bitcoin
Jamie Dimon, the executive officer of JP Morgan, recently made some roar on bitcoin world; as he tagged the currency as 'fraud' and even made a strong comment that he will fire any individual working for his company from whatever department if found they are linked to the cryptocurrency. Much to their surprise, JP Morgan was caught purchasing numerous XBT shares after the recent hiatus and name calling.
After the alleged statements released and considerably quite harsh as it seems, it looks like the company is planning to take back their words. Coming from the records of Norndet trading logs, JP Morgan Securities Ltd and Morgan Stanley bought approximately 3M Euros worth of XBT shares last September 15, which happened after they had made rude comments about the digital currency.
Beating the record, not only they bought a generous amount of share but they even purchased the highest amount of XBT notes compared to the other companies listed, like Barclays.
JP Morgan and Blockchain Patent
The story does not end on buying a huge amount of note shares alone, JP Morgan is also deeply involved with the blockchain technology. For those who are not yet familiar with the term, blockchain is a record that keeps all the bitcoin transactions made globally. Every completed transaction goes to blockchain as a permanent database. In the simplest form, it's like the full history of all your banking transactions kept on your ledger or bank books. The financial firm also applied to patent their own 'web cash' and was declined 175 times to record. JP Morgan is also working on an Ethereum Blockchain, which protects the privacy of parties by making sure that transactions and identities are not made to the public, but just to regulators who need full information of ins and outs of the business transactions.
JP Morgan Executives are Leaving to Focus on Bitcoin and Blockchain Projects
Just like the normal business tycoons, former executives are so into bitcoin and blockchain projects that they would even leave their company. JP Morgan, whom they served for more than a decade, are planning to dive in and join the club of Bitcoin investors. One of the moguls that turned their back to embrace bitcoin was Daniel Masters, who announced that he was starting a bitcoin-based hedge fund in 2014. Another one was Blythe Masters who started her own blockchain startup called Hyperledger, is now with Linux Foundation Masters; though she did not stop the career of bitcoining and is now a board member of governance.
After creating a commotion, everyone thought that Dimon will admit his fortune-worth firm is involved with the latest bitcoin investment. Though it is being denied, records cannot hide the fact that companies that are already as successful as JP Morgan are still fascinated about blockchain technology just like the other million dollar tycoons and executives behind the huge firm will not hesitate to start their cryptocurrency journey.