JPMorgan's Dimon says bitcoin 'is a fraud'
Source: Reuters
#FINTECH SEPTEMBER 12, 2017 / 2:14 PM / UPDATED A HOUR AGO
JPMorgan's Dimon says bitcoin 'is a fraud'
David Henry, Anna Irrera
3 MIN READ
NEW YORK (Reuters) - Bitcoin is a fraud and will blow up, Jamie Dimon, chief executive of JPMorgan Chase & Co (JPM.N), said on Tuesday.
Speaking at an investor conference in New York, Dimon said, The currency isnt going to work. You cant have a business where people can invent a currency out of thin air and think that people who are buying it are really smart.
Dimon said that if any JPMorgan traders were trading the crypto-currency, I would fire them in a second, for two reasons: It is against our rules and they are stupid, and both are dangerous.
Dimons comments come as the bitcoin, a virtual currency not backed by any government, has more than quadrupled in value since December to more than $4,100.
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http://www.reuters.com/article/us-usa-banks-conference-jpmorgan/jpmorgans-dimon-says-bitcoin-is-a-fraud-idUSKCN1BN2KP