THIS is becoming way to easy BUT its so much fun. What is it? Piling on Jamie Dimon (CEO of JP Morgan) after his famous (??) comments that “bitcoin is a fraud”. Seems everybody who is anybody has basically said the opposite. This time its Mark “Shark Man” Cuban who has just bought some bitcoin. How? Why through the same channels that Mr Dimon’s firm supports for its clients. But hey, I get it. So Mr Dimon, I want to buy some bitcoin. Could you trash it again?
“In an interview with Bloomberg’s Emily Chang at the Vanity Fair New Establishment Summit in Los Angeles, billionaire investor and Dallas Mavericks owner Mark Cuban reaffirmed his investment in bitcoin.
For many months, Cuban had hinted at plans to invest in bitcoin and other cryptocurrencies. On October 3, Cuban confirmed that he had purchased bitcoin through the Swedish bitcoin exchange-traded fund (ETN) XBT Provider, which is traded on Nasdaq Nordic.
XBT Provider is the same bitcoin ETN provider which JPMorgan clients used to invest in bitcoin. In September, it was revealed by bitcoin developer Andrew DeSantis and prominent bitcoin trader IamNomad that custodian accounts of JPMorgan Securities Ltd had processed various transactions to the accounts of XBT Provider, processing investments into the Swedish bitcoin ETN.
There is No Such Thing as Intrinsic Value
During the interview, Cuban emphasized that the baseless condemnation of bitcoin from key figures in the financial sector including JPMorgan Chase CEO Jamie Dimon is inaccurate because the concept of intrinsic value in assets and stocks is fundamentally flawed. Value is subjective and the price of assets and stocks depends on supply and demand. The value of fiat currencies can be manipulated and altered, and hence do not have intrinsic value…
Full Story at TheMerkle