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JPMorgan reportedly getting into bitcoin futures trading even though Dimon believes it is a fraud

  • "J.P. Morgan is considering whether to provide its clients access to CME's new bitcoin product through its futures-brokerage unit," the Wall Street Journal report said citing a person familiar with the situation.
  • JPMorgan CEO Jamie Dimon has called the digital currency a "fraud" and said people who invest in it are "stupid."

Despite JPMorgan Chase CEO Jamie Dimon's outspoken criticism on the viability of bitcoin as an investment, the bank is looking at allowing its clients to trade bitcoin futures, according to a Wall Street Journal report.

"J.P. Morgan is considering whether to provide its clients access to CME's new bitcoin product through its futures-brokerage unit," the report on Tuesday said citing a person familiar with the situation.

CME announced last month it plans to launch bitcoin futures in the fourth quarter, pending regulatory review.

Dimon has called the digital currency a "fraud" and on multiple occasions hinted that he believes it is a bubble that will crash.

"If you're stupid enough to buy it, you'll pay the price for it one day," Dimon said at a conference just last month.

The outspoken CEO does believe the technology backing bitcoin, blockchain, is valid and the bank is experimenting with uses of that code. However, given his past comments on the digital currency specifically, it's surprising JPMorgan would be moving forward with plans to allow clients to trade in it through the bank.

The price of bitcoin rose slightly to $8,250 Tuesday. It surpassed the $8,000 level for the first time Sunday, according to data from industry website CoinDesk. The digital currency is up more than 700 percent so far this year.

JPMorgan Chase did not immediately respond to a voice mail request for comment.

Read the full Wall Street Journal report here.


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