Last month, JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon staked out a position for himself as one of the financial market’s most prominent bitcoin skeptics, saying he’d fire any trader who dealt in it.
“I could care less what bitcoin trades for, how it trades, why it trades, who trades it,” he told a conference in Washington. “If you’re stupid enough to buy it, you’ll pay the price for it one day.”
How times change. No less an institution than, um, JPMorgan is gauging client demand and the potential risks of facilitating client trades in CME Group Inc.’s planned bitcoin futures contracts, a person with knowledge of the situation told Hugh Son of Bloomberg News Tuesday.
There are obviously a couple of distinctions you might want to draw here. Bitcoin futures aren’t the same thing as bitcoin, and facilitating trades isn’t the same thing as trading. Even so, it’s hard to see how a Wall Street bank could become an intermediary in this without putting its own capital on the table…