Bitcoin is a 'fraud' suited for drug dealers, says JP Morgan chief

Jamie Dimon  Wikimedia Commons  World Economic Forum  CC

Jamie Dimon Wikimedia Commons World Economic Forum CC

Dimon, speaking at a Barclays investment conference Tuesday, said he supported blockchain technology for tracking payments but that trading bitcoin itself was against the bank's rules. He called it a "fraud" and said he would fire any trader at the bank who touched it.

"It's worse than tulip bulbs", Dimon continued, according to CNBC.

Tulips are a reference to the mania that swept Holland in the 17th century, with speculators driving up prices of virtually worthless tulip bulbs to exorbitant levels. It won't end well. "Now these same organizations are racing against the clock to get a foothold in this mega-growth industry before it is too late", said Mr. Jacobs.

Dimon is not the only one who is openly skeptical about Bitcoin.

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"My daughter bought some bitcoin and it went up and she thinks she's a genius now", Dimon joked.

Whilst JP Morgan has invested in rival to Bitcoin, Ethereum, the head of the bank did differentiate between the two, with blockchain holding some advantages to the future of financial services. Blockchain is considered the backbone of Bitcoin and was first implemented on it. Dimon expressed his worry and dismay on the budding cryptocurrency by saying that it is a "fraud". The government's request will affect biggest bitcoin trading platforms, including Huobi, OKCoin, and BTC China. At the start of 2017, the cryptocurrency market capital was at a modest $10 billion which increased meagerly to $25 billion at the start of Q2. The price reached an all-time high on 1 September.

Business leaders are also starting to pour cold water onto the popular cryptocurrency. He justified this by citing the recent moves of the Chinese government in closing down Bitcoin and cryptocurrency exchanges in the country.

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But bitcoin and other cryptocurrencies have been falling since early last week, when China banned the issuance of new digital coins for fundraising purposes - a phenomenon known as initial coin offerings, or ICOs.

Coinmama lets you buy bitcoins with your credit card or cash.

He said he wouldn't short bitcoin, because there is no telling how high it could go.

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