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tl;dr
Worried, confused, and feeling threatened by the onset of this crypto bull run, the naysayers are out in force trying to pretend otherwise.
Market Snap
Market Wrap
Perpetual futures funding rates are a sea of red, implying that leveraged longs are getting over their skis. A correction would be healthy, and we might just get one if the longs get liquidated.
Curious Cryptos’ Commentary — Jamie “You can’t fire me” Dimon
J.P. Morgan’s long-standing CEO took no responsibility for his firm’s leading role in the sub-prime crisis that led to an existential threat to the global banking system until the U.S. stepped in with TARP (Troubled Asset Relief Program). He certainly wouldn’t allow himself to be fired for his role in that financial fiasco. He has forever been a crypto naysayer.
In choreographed comments with Senator Elizabeth Warren — who has her own personal “anti-crypto” army — during a Senate Banking Committee, Dimon shows the extent of his ignorance with the comment that the authorities should “close down” Bitcoin, as if such a thing was a realistic prospect:
“The true use case for it [crypto] is criminals, drug traffickers, money laundering, tax avoidance. If I was the government, I’d close it down.”
Those tired old tropes have been roundly rejected too many times to go over the same ground again, though Dimon is free to demonstrate that he has zero curiosity about understanding the reality of the situation.
But what gets many people annoyed, is the sheer hypocrisy of his — and Warren’s — position:
“FinCEN today (7th January 2014) fined J.P. Morgan Chase Bank, N.A. $461mm for wilfully violating the Bank Secrecy Act by failing to report suspicious transactions arising out of Bernard L. Madoff’s decades-long, multi-billion-dollar fraudulent investment scheme.”
Or:
“J.P. Morgan to pay $75mm to settle lawsuit over ties with Jeffrey Epstein.”
In total, J.P. Morgan has been fined TWO HUNDRED AND SEVENTY-TWO times since 2000 for illegal activity, paying nearly $40 BILLION in fines.
That’s a whole lot of facilitating “criminals, drug traffickers, money laundering, tax avoidance” implicit in J.P. Morgan’s day to day business model. Or, at…
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