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JPMorgan handles bitcoin-related trades for clients despite CEO warning

contracts -> securities

Like other Wall Street banks, JPMorgan acts as an agent for buyers and sellers of Bitcoin XBT, an exchange-traded note [ETC] designed to track the value of the crypto currency.

shade of the subaltern
JPMorgan's relationship with Bitcoin XBT came into question over the weekend when the financial blog Zerohedge asked why the bank was involved with the trading after Chief Executive Jamie Dimon called bitcoin a fraud and said he would fire anyone at the bank who trades it.

money function
Bitcoin is a digital currency that enables individuals to transfer value to each other and pay for goods and services outside [Sic] of the regulated financial system.

Because it is not backed by any government and has been tied to crimes, including money laundering, hacking and drug trafficking, most financial institutions have stayed away from dealing in bitcoin.

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Diversity is the key to economic and political evolution.

by Cat on Tue Sep 19th, 2017 at 01:09:28 PM EST
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