Jamie Dimon Slams Bitcoin as a 'Fraud'

Bitcoin

Markets Insider

Jamie Dimon has said.

Dimon, who has previously discussed his disdain for the digital money, told attendees during a Barclays' financial conference in NY on Tuesday (12 September) that he would not hesitate to fire JPMorgan employees found to be trading in the cryptocurrency.

Dimon said that he would fire any of his traders if they began trading bitcoin. It won't end well.

The driving idea behind the creation of bitcoin was having a decentralised currency that was free of banks and government regulations. "It will blow up". Currencies have legal support.

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The price for one bitcoin is about $4,115, but dropped about 2 percent following Dimon's talk. In early NY trading on Wednesday, bitcoin traded at 3818.50 dollars, down almost 8 percent from the previous session. Banks and other financial institutions have been concerned about bitcoin's early associations with money laundering and online crime. 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". The government's request will affect biggest bitcoin trading platforms, including Huobi, OKCoin, and BTC China.

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.

"It's interesting that somebody with that high profile of the establishment is out there with that bold statement", Jeffrey Gundlach, chief investment officer of DoubleLine Capital, said on a webcast Tuesday after Dimon's remarks.

"I'm not going to go run another company", he said, but "I would get bored too quickly" leaving now.

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However, the banker revealed that his daughter had bought bitcoin: "It went up and she thinks she's a genius now".

Bitcoin has been steadily rising over the a year ago. 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 bank chief said he wouldn't short bitcoin because there's no telling how high it will go before it collapses.

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