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23rd September 2022 > > J.P. Morgan.


tl;dr

J.P. Morgan and its ill-informed CEO.


Market Snap







Market Wrap

That’s the third 75bp hike in a row from the Fed.


Apologists for quantitative easing (QE) and its even uglier sibling, modern monetary theory (MMT), please step forward now and explain to us why you set about making the rich richer, and the poor poorer.


Shame on you.


Occasional Series – More apologists required

Now that the psychotic murderer referred to as Putin has threatened the world with nuclear devastation simply because his personal ambition of enslaving the 45 million people in Ukraine has failed, can the Soviet apologists – who reside largely in Islington – now also admit their grievous mistakes?


No, I thought not.


Curious Cryptos’ Commentary – Jamie Dimon, CEO of J.P. Morgan

As a long-standing critic of cryptos, Dimon doubled down when testifying before Congress this week:


“I’m a major skeptic on crypto tokens, which you call currency, like bitcoin. They are decentralized Ponzi schemes.”


He trotted out the usual tropes that cryptos are only used by money launderers, drug dealers, sex traffickers, terrorists, and so on. It is almost as if he is uniquely unaware of the existence of a $100 bill and an EUR 500 note.


Rather confusingly though, in a letter to shareholders earlier this year, Dimon wrote:


“Decentralized finance and blockchain are real, new technologies that can be deployed in both public and private fashion, permissioned or not. JPMorgan Chase is at the forefront of this innovation.”


Famously, Dimon made an announcement some years ago that if any of his traders bought BTC he would fire them immediately. Whether he followed through on this threat or not is unclear. But what is transparent is that such a threat clearly oversteps and reasonable boundary of his power as CEO and can only be described as bullying behaviour. What did H.R. at J.P. Morgan make of that?


Since then, J.P. Morgan have launched a range of crypto offerings for their institutional client base – including one bespoke product – and even their own (centralised) crypto coin.


Curious Cryptos’ Commentary – Crypto analysts at J.P. Morgan

Are as jumbled in their thinking as their own boss.


Longer-term readers of the CCC recall that the analyst team at J.P. Morgan described in advance July 19th, 2021, as BTC “death day”. At the time BTC was trading around $31k and that day marked the start of the rally all the way to close to $70k.


Quicky backtracking, the next piece of research had a target price of $150k per BTC, and earlier this year the team also posited that:


“The metaverse will likely infiltrate every sector in some way in the coming years, with the market opportunity estimated at over $1 trillion in yearly revenues.”


So convinced of the value that will be unlocked by The Metaverse, the firm has its own lounge known as “The Onyx”.


The Metaverse, Web3, decentralised finance (DeFi) and all the rest of the opportunities being created by the crypto revolution must be powered in some way by Dimon’s “decentralized Ponzi schemes”.


His testimony to Congress was misleading and ill-informed. I do wonder to what end.

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