JPMorgan CEO says Bitcoin is "fraud"

8:50 am  Treasury yields as Mnuchin speaks are fairly muted   Add a Comment

8:50 am Treasury yields as Mnuchin speaks are fairly muted Add a Comment

Jamie Dimon has said. But this model has also spurred on a Wild West attitude with criminals and pump and dump schemes.

There has not been any official news regarding this and this just adds to the confusion and has put the bitcoin prices under pressure.

Well, it ain't Jamie Dimon, but there's another heavy hitter at JPMorgan Chase & Co. who isn't a fan of cryptocurrencies.

Bitcoin is a "fraud", according James Dimon, the chief executive officer of JPMorgan Chase - the largest of the "big four" American banks.

Dimon's comments came as the UK's Financial Conduct Authority (FCA) warned that investors considering putting money into Initial Coin Offerings (ICOs) - an unregulated method of raising funds for new cryptocurrency ventures - should be prepared to lose all of their money. "Two, it's stupid", he said. He concluded that both cases were "dangerous" to his bottom line.

Bitcoin's overall trend has been upward this year and has soared by more than 300%.

Lending to Dimon's clout on Wall Street and across economic circles, bitcoin slipped 1 percent nearly immediately following his remarks. It was down as much as 2.7 per cent before recovering.

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According to some estimates the ICO market volume climbed to $150 billion (£133 billion).

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. That didn't end well.

That wasn't it. Dimon said that if any JPMorgan traders were found trading Bitcoin they'd be fired right away. "You just saw China, governments like to control their money supply".

When asked if he thought that this cryptocurrency would be the best performing asset from now to year end, he undoubtedly said "yes".

And in August, Bloomberg News reported that banks including Barclays and Credit Suisse were joining UBS Group in an initiative to form a new type of digital currency to settle transactions using blockchain technology, the kind of technology used by Bitcoin and other crypto currencies.

"I'm not saying 'go short bitcoin and sell $100,000 of bitcoin before it goes down", he said.

Dimon also iterated that the only people who would invest on Bitcoin are murderers, drug dealers, and people living in parts of North Korea, Ecuador, and Venezuela.

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