JPMorgan CEO Jamie Dimon Calls Bitcoin Fraud and Scam

Sep 14, 2017, 00:13
JPMorgan CEO Jamie Dimon Calls Bitcoin Fraud and Scam

Dimon told an investor conference in NY that if any of his traders were found trading bitcoin he would "fire them in a second", and that bitcoin was "worse than tulips bulbs", referring to a famous market bubble from the 1600s.

"It's a fraud" and "worse than tulip bulbs", Dimon said. This phrase is something of a shorthand for an economic bubble, a situation where an asset's price is far higher than its intrinsic value. That's a reference to the arrival and boom of the tulip plant in 17th-century Europe.

That wasn't it. Dimon said that if any JPMorgan traders were found trading Bitcoin they'd be fired right away. Besides, it may have a negative impact on all altcoins, such as Ethereum, and even blockchain-powered business models that do not directly deal with bitcoin. It fell by 4% after Dimon's comments. He called it a "fraud" and said he would fire any trader at the bank who touched it.

However, the banker revealed that his daughter had bought bitcoin: "It went up and she thinks she's a genius now".

However, according to the TheStreet, China is planning on launching its own digital currency that will trade on their exchanges. "I'm not saying 'go short bitcoin and sell $100,000 of bitcoin before it goes down".

The virtual currency fell as low as $3,766.36 on Wednesday and traded down 8.7% at $3,792.43 as of 11:03 a.m.in NY, according to CoinDesk.

Bitcoin may be the buzzword of the year but some industry veterans are not buying into the hype.

However, he acknowledged that the blockchain, the " chain of blocks", a technology behind the bitcoin, was, it, useful, but its usages in the daily life would take a long time.

Dimon's warning occurred as the United Kingdom regulator Financial Conduct Authority (FCA) issued a warning to investors about the speculative activity occurring around ICOs.

This comes just a day after Citigroup CEO John Gerspach issued a similar warning. Also, we had news that one of the Chinese exchanges, bitkan, would be stopped OTC trading from Thursday.

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