We should not always trust what people say, and there is no better example of this than the current saga of banks and Bitcoins.

This week head of JP Morgan came out to call Bitcoin a fraud which will explode. The irony is, it turns out that banks including JP Morgan and their insiders are investing into Bitcoins like crazy.

1. JP Morgan is buying Bitcoins

On September 15th, JP Morgan Ltd bought roughly 3 million euros worth of Bitcoin XBT shares! Bitcoin XBT shares are equity investments like shares.

That is not all; aside from JP Morgan - Goldman Sachs and Barclays made up the largest buyers of Bitcoin XBT!

There are still countless other banks investing into Bitcoins like crazy.

2. Former Managing Director of JP Morgan Chase

Tom Lee is the head of research of Fundstrat Global Advisors and former managing director of JP Morgan Chase.

In these times of much uncertainty for Bitcoins, he was actually come out to declare that Bitcoins will reach $25,000 in five years!

This is a former JP Morgan managing direct telling us Bitcoin will recover from its current challeneges and make it to $25,000 in just five years.

3. Jamie Dimon's own daughter invests into Bitcoins

Yes. Despite all his hatred for Bitcoins, Jamie Dimon's own daughter is a Bitcoin investors. She does own Bitcoins, and it makes his father want to sue someone.

Perhaps his daughter is responsible for his hatred of Bitcoins, we explored that possibility in a recent report.

What do you think? See our recent report;

Bitcoining China: Concise guide to the China-Bitcoin affair

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