Bitcoin is fraud and will blow up - JP Morgan CEO

JPMorgan's Dimon: Bitcoin Trading 'Is a Fraud'

Jamie Dimon, the ceos of the bank JPMorgan Chase, said on Tuesday that the bitcoin virtual currency to developments in the Russian mountains, "will implode" because it is a " scam ".

"Someone is going to get killed", Dimon said in remarks at a Barclays banking conference reported by CNBC.

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

JPMorgan's Dimon: Bitcoin Trading 'Is a Fraud'

Tulips are a reference to the mania that swept Holland in the 17th century, when speculators drove up prices of virtually worthless tulip bulbs to exorbitant levels. So he says it will not take "a second" to dismiss any employee who makes investment operations on behalf of the bank with the currency: "It's stupid and very unsafe". However, an interesting thing to note here is that JP Morgan, the company itself, is trying to implement Blockchain, the technology behind Bitcoin.

Jamie Dimon, speaking at the Barclays financial conference in NY, was very aggressive towards Bitcoin and bank workers who are interested in cryptocurrency trades. The destabilizing potential of cryptocurrencies is attracting the attention of financial and big government establishments, which may put Bitcoin and others in the crosshairs of more countries in the near future.

Jamie Dimon, chief executive officer of JPMorgan Chase.

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He said there could be a market for bitcoins if you were dealing with North Korea, which has reportedly asked for bitcoin as a ransom payment during several cyberattacks, or drug dealers in Venezuela and Ecuador. According to data from cryptocurrency tracker Coinmarktcap, Bitcoin (BTC) has lost more than 7% over the past 24 hours.

The cryptocurrency "won't end well", he told an investor conference in NY on Tuesday, predicting it would eventually blow up. He has cited the recent clampdown in China as evidence to back up his claims, concluding "governments like to control their money supply".

To understand more about Blockchain, Bitcoin, how they are created, and how to buy/sell them in Pakistan, read our detailed guides on Cryptocurrency in this section.

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Dimon did acknowledge that people in locations with no other options could find bitcoin very useful and that his own daughter has purchased bitcoin. That is why the cryptocurrency market is limited. Also, we had news that one of the Chinese exchanges, bitkan, would be stopped OTC trading from Thursday.

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It lost almost 7% on Friday in response to a report from a Chinese news outlet that said Beijing was planning on. Monday, September 11, Bitcoin price shows signs of recovery and holds on to a level above $4,100 per BTC.

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