JPMorgan Chase denies secretly buying Bitcoin at a low price in Europe: customers bought it themselves!

Unless you live on Mars, you couldn’t have missed the “big news” that JPMorgan Chase CEO angrily denounced Bitcoin as a scam.

On September 13, JPMorgan Chase CEO Jamie Dimon called digital currency a "scam" and "worse than the tulip bubble," saying it would not end well and would eventually burst. He said any trader who trades Bitcoin should be fired for being stupid.

The next day, JPMorgan Chase released a research report, again questioning cryptocurrencies. It believes that the cryptocurrency market is somewhat similar to a fraudulent "pyramid scheme". You must develop a large number of "downlines" to make money, and each layer must be larger than the previous one, and most of the commissions go to the upper layer. It was not difficult for the founder of Bitcoin to mine at first, but the difficulty encountered by later comers gradually increased, and it was eventually unprofitable.

JPMorgan Chase's two-hit attack on Bitcoin caused the price of Bitcoin to fall, leading to a drop in all cryptocurrencies.

However, exchange data showed that JPMorgan Chase was buying Bitcoin ETNs (exchange-traded notes) on the Nasdaq Stockholm Stock Exchange.

Bitcoin Tracker One-SEK is a Swedish exchange-traded note that allows investors to receive returns on Bitcoin denominated in US dollars at a lower rate. Bitcoin denominated in US dollars on exchanges such as Bitfinex, Bitstamp and GDAX can be converted into Swedish kronor.

While the price of Bitcoin has plummeted in dollar terms over the past few days, ETN has seen a large influx of funds and is currently trading at a premium of about 20% to its net asset value.

Guess who's buying it?

Yes! JPMorgan Securities was the fourth largest buyer…

This suggests two possibilities:

1) Either JPMorgan Chase uses its proprietary account to buy large amounts of Bitcoin at low prices when Dimon "verbally suppresses" it.

2) JPMorgan Chase is buying Bitcoin for its clients, but at a time when its CEO is warning the world that cryptocurrency is a scam, isn’t it irresponsible to help clients buy an asset that it believes is a “Ponzi scheme”?

However, this speculation was denied by JPMorgan Chase. A JPMorgan Chase spokesperson told the media via email that these orders were not placed by JPMorgan Chase, but were third-party products purchased directly by customers.

In other words, what the spokesperson meant was that JPMorgan’s fund managers did not buy Bitcoin ETNs for their clients, but rather the bank’s clients bought them themselves using JPMorgan’s channels.