Bitcoin is a Scheme and "Fraud": Jamie Dimon BTC Criticism

Jamie Dimon Bitcoin Is a'Fraud                
          Sep 12 2017 at 19:46 UTC by Stan Higgins

Predicting the cryptocurrency will eventually be closed down by governments around the world, Dimon told an audience at a NY banking conference he would sack any of his employees who were caught trading in Bitcoin.

However, Dimon had more for Bitcoin than just vague language ("fraud"?), and talk of inflated tulip bulbs. He compared the craze to the tulip mania which rocked Holland in the 17th century when speculators pushed up the prices of virtually worthless tulips only to see it crash. "Like it or not, people want exposure to bitcoin", Edward Tilly, chairman and CEO of exchange group CBOE Holdings, said at the same conference.

At a banking conference in New York, Dimon would let go anyone "in a second" if they were found to be trading in the cryptocurrency at the investment bank.

When asked what he would do if any JPMorgan traders bought Bitcoin, he said they would be fired. "And both are risky", Dimon said.

The market has reacted. Shortly after Dimon's comments were made public, bitcoin prices dropped. This is not advice of what to do.

"It's not a real thing, it will be closed", Dimon said of the enthusiasm for bitcoin. Bitcoin prices have risen more than four-fold this year, prompting debate over its exposure to an economic bubble.

During an even hosted by Barclays, based on the information from Bloomberg and CNBC J Dimon did announce out his feelings for Bitcoin.

JPMorgan and many other banks have, however, invested in blockchain, the technology that tracks bitcoin transactions. "Someone is going to get killed".

In addition, the fall in bitcoin price levels was also bolstered by JP Morgan's CEO Jamie Dimon, who referred to bitcoin as a "fraud".

"Like it or not, people want exposure to bitcoin", said Edward Tilly, chairman and chief executive of CBOE, speaking at the same conference.

Speaking at the Barclays Financial Services Conference yesterday, he described it as a "fraud", "worse than tulips" and only a better option than US dollars if you're a "drug dealer, a murderer stuff like that".

The recent news about China's plans to shut down bitcoin exchanges has provoked investor concerns about the future of the digital currency.

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