Surprise! JP Morgan Chase Announces Plans to Add Bitcoin Futures

A recent report in the Wall Street Journal indicates that JP Morgan Chase is considering providing access to the Chicago Mercantile Exchange’s (CME) Bitcoin futures trading through its futures platform. This announcement by CME in the previous week has propelled bitcoin to new highs causing it to break past $8000 and going as high as $8,300.

The report states that “J.P Morgan is considering whether to provide its clients access to CME’s new Bitcoin product through its futures brokerage unit.”

The Irony…

The irony of this is that Jamie Dimon who is the CEO of J.P Morgan has been particularly out-spoken against bitcoin in recent times. He has gone as far as calling anyone who invests in bitcoin stupid. It is therefore ironical that the institution he heads is now making moves to enable the futures trading of a digital currency he has been known to strongly criticize. This might however not come as a surprise to some as JP Morgan Chase was discovered to have made some significant deals in bitcoin a few weeks ago just after Dimon had issued a strong statement against the currency and even going as far as threatening to fire any JP Morgan trader who makes deals in bitcoin.