While it looks and sounds good on paper, this is not what happened with near 90% certainty.
JPM Europe division didn't buy Bitcoin ETN's for their corporate accounts, they bought them on behalf of their clients. JPM is an investment bank with millions of clients purchasing from all over the world. They are smart enough to know that if they directly manipulate the price of something that is tracked by ETN/ETF and then purchase said ETN/ETF, they are directly manipulating the price of the ETN/ETF itself which is a punishable offense. The amount of profit they could make off of that would be dwarfed by the lawyer fees, fines, & PR nightmare that would come from doing something like this so blatantly.
We are talking about people whose job it is to manage risk, if they are going to manipulate something they aren't going to do it with the subtlety of a baboon...
It's way more likely that the purchase was on behalf of clients. JPM might have an opinion about something, but that doesn't mean they stop their clientele from buying that something. You are free to be stupid with your own funds after all, just don't expect Jamie Dimon to hire you.
Jamie Dimon is probably laughing at us right now saying "Bitcoiners just double down on their own stupidity" because of this narrative, it shows that the vast majority of users here are completely unfamiliar with the workings of an investment bank, or investing in general.
JPM Europe division didn't buy Bitcoin ETN's for their corporate accounts, they bought them on behalf of their clients. JPM is an investment bank with millions of clients purchasing from all over the world. They are smart enough to know that if they directly manipulate the price of something that is tracked by ETN/ETF and then purchase said ETN/ETF, they are directly manipulating the price of the ETN/ETF itself which is a punishable offense. The amount of profit they could make off of that would be dwarfed by the lawyer fees, fines, & PR nightmare that would come from doing something like this so blatantly.
We are talking about people whose job it is to manage risk, if they are going to manipulate something they aren't going to do it with the subtlety of a baboon...
It's way more likely that the purchase was on behalf of clients. JPM might have an opinion about something, but that doesn't mean they stop their clientele from buying that something. You are free to be stupid with your own funds after all, just don't expect Jamie Dimon to hire you.
Jamie Dimon is probably laughing at us right now saying "Bitcoiners just double down on their own stupidity" because of this narrative, it shows that the vast majority of users here are completely unfamiliar with the workings of an investment bank, or investing in general.