Nobody I know on Wall Street has changed their tune with cryptos. What has changed is recognition that the wealth transfer of a generation is happening through them. Nobody wants to hold it, but everyone wants to broker it. And you can’t try and sell Bitcoins, or even facilitate order flow, if your CEO is on record calling it a fraud.
If JD wanted to take a stake in Bitcoin, trash talking beforehand could help, and i think this could have been the case.
most reasonable people would prefer to stay silent but JP Morgan plays the "bad boy bank" role with gusto, second only to Goodman Sachs. both organizations openly break the law while eating the fines as an operating expense, bet against their own clients and ensnare nation states in unpayable debt with what most laypeople would think is unbelievable power and control.
compare that to a few choice words in an unregulated wild west market and perhaps id be stupid not to think it was intentional.
his reversal seals it for me. (unless this is yet more strategy on his part)
Yea this is the usual sad song after the big money has been made and the sheeple fleeced. Rinse and repeat. Look at boom/busts of the past. The powers that be know exactly what they are doing. "A fraud" until you find out the internal hedge fund has been trading it for months and NOW they are setting up a customer trading desk. Get the joke?
No where in the article did he say 'regret'.
Readable version: https://outline.com/ChvJAT
He should say "It's not a fraud, it's just in a crazy worldwide bubble".
He bought the dip after spreading FUD.
HA! That's what you get for not understanding the underlying innovation before making bombastic claims at the WORLD ECONOMIC FORUM. Cantankerous Beast
Dunking on all these fucking bankers is going to be the sweetest thing ever. I hope every last one of these pieces of shit is holding a big hoard of crypto when it finally crashes. I've already sold them a LOT but I've got a fair bit to go.
Respect to him for owning up.
This was so orchestrated.
1. Notice the value in it.
2. Come out publicly dismissing it as a "bubble".
3. Acquire a position.
4. Come out publicly refuting your initial claim as a "bubble".
It's called stacking.