Chase Bank CEO Jamie Dimon recently rejected Bitcoin

as a ‘fraud,” likely causing additional sell offs after the news of the Chinese exchange ban was released. The financial guru commented that Bitcoin was in a bubble not unlike the famous Tulip bubble during the 17th century. However, in a somewhat surprising move, JP Morgan purchased a large block of Bitcoins just after the CEO’s harsh criticisms, according to a careful observer

on Twitter.

We see you

— I am Nomad

The user 'I am Nomad’ posted the tweet including a screen shot of the BTC chart with the JP Morgan Chase purchase circled. There has been some commentary by industry insiders that banks have a vested interest in seeing Bitcoin fail, even while they are seeking to join the upswing in potential profits. Chase bank is no different, apparently, based on the information which has recently come to light.

Growing mainstream financial acceptance of the cryptocurrency, including widespread increase in hedge funds and institutional investors would indicate that the predictions of Jamie Dimon and other bears may not be sound.

Fundstrat Founder Tommy Lee Unfazed By Bitcoin Drop

Tommy Lee, the notoriously bearish financial analyst

and founder of Fundstrat, affirmed his position that Bitcoin is the best investment through the end of the year. Lee continued to espouse his strongly bullish position on an interview with CNBC, in spite of the recent double-digit drop. Other analysts have expressed strong disdain for the digital currency, including Chase’s Jamie Dimon, who recently called the cryptocurrency a ‘fraud,’ and opined that governments would soon step in and regulate the currency.

No bubble

Lee, who predicts a Bitcoin price of $25,000 in the next five years, says that Bitcoin cannot be in a bubble, in spite of the substantial price run up in the past year. Lee answered Bitcoin critics

by saying:

"We have some data. There's only about 300,000 holders of at least $5,000 of Bitcoin. That’s like saying the iPhone was a bubble in 2007, four days into the sale because there were 500,000 iPhones sold.”

Whether Lee is right or not, the market has certainly rebounded from the sub-$3,000 levels after the announcement of Chinese exchange closures.

Chuck Reynolds

Marketing Dept
Contributor
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