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5 sats \ 2 replies \ @orthzar 20 Aug 2023 \ on: JP Morgan caught red-handed buying the Bitcoin dip offshore bitcoin
JP Morgan is not buying BTC. They're buying XBT, which is an Exchange Traded Note. If a BTC ETF existed, they'd be buying that.
JP Morgan doesn't care about BTC, they only want to get in on the price action. Typical fiat maximalists.
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10 sats \ 1 reply \ @bitcointerest OP 20 Aug 2023
I understand, but they are still getting exposure to Bitcoin. They have started dipping their toe in the ecosystem. Everyone has to start somewhere, right?
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10 sats \ 0 replies \ @orthzar 20 Aug 2023
If it were 2017, you would be right -- JP Morgan would have time to play around with XBT and then eventually buy BTC.
But it's August 2023. The global economy is crashing. Now is not the time to be playing. The Titanic is already sinking; playing with a toy boat (XBT) is a dangerous waste of time. JP Morgan should be running for the lifeboat (BTC).
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