In the world of Wall Street, things don’t always or should I say usually don’t, seem very logical. This is because there is always something much more valued than logic on the Street, and that is, REVENUE, which equals PROFITS, which equals BONUSES!!!
In today’s case of the illogical we have the CEO of JP Morgan saying he believes Bitcoin is a fraud and if any of his traders were trading in it, they would be fired, because they are stupid! His words, not mine.
Not long after these comments, news broke that JP Morgan does in fact act as an agent putting buyers and sellers together in the Exchange Traded Note Bitcoin XBT, that you guessed it, tracks the value of Bitcoin. That darn fraudulent crypto-currency.
While this is not an endorsement for Bitcoin or any other crypto-currency it just serves as another reminder that Wall Street isn’t exactly looking out for your best interests. If JP Morgan or any other firm truly believed Bitcoin was so dangerous, they wouldn’t, or shouldn’t allow clients to put one cent of their money in any instruments tied to their value.
If you haven’t recently reviewed your financial plan you should contact your CERTIFIED FINANCIAL PLANNER™ Practitioner.