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Can we really trust Bakkt? Big players have been involved in fraud for years

Bakkt recently decided to offer crypto holding services which means that the Bitcoin of a user will be stored in custody and the bitcoins will be discovered physically. The Bakkt warehouse is launched for institutional traders where they can store their Bitcoins. But there has been news of big firms being part of scandals and being part of illicit activities which cause harm to its users as well as lead to a bad reputation and lack of market value.


The biggest bank from the United States, JP Morgan faced ridicule from pro-Bitoiners as reports of an investigation against JP Morgan Chase started surfacing the news. The inquiry is happening because of the behavior of dozens of precious metals traders.


The investigators believe that the employees have been involved in the act of price-fixing of precious metals on thousands of occasions because of which both the market participants as well as JP Morgan’s clients suffered a loss.


The investigators said that the firm had been involved in the act of manipulating and fixing the prices for more than 8 years and that the investigators will look for every tiny detail to see how it started.


JP Morgan is known to be a vocal skeptic for cryptocurrencies. Jamie Dimon, CEO of JP Morgan, is amongst those who hate Bitcoin and everything about it. He expressed his disliking towards Bitcoin in 2017 when he labeled it as a fraud, and since then he’s been making comments about Bitcoin. Source...

#Bakkt #NYSE #BTC

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