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Bitcoin is a 'fraud' warns JPMorgan boss

Jamie Dimon, boss of US investment bank JP Morgan, labels bitcoin a ‘fraud’ and says he will fire anybody who trades the crypto-currency.

 
Bitcoin is a 'fraud' warns JPMorgan boss

Jamie Dimon, the boss of US investment bank JP Morgan, has labelled bitcoin a ‘fraud’ and said he would fire anybody who traded it.

Speaking at a conference in New York, Dimon predicted that the cryptocurrency would eventually blow up, the Financial Times has reported.

He said: ‘You can’t have a business where people are going to invent a currency out of thin air. It won’t end well…someone is going to get killed and then the government is going to come down on it.’

One bitcoin is currently worth around £3,000. This week the Financial Conduct Authority issued a warning on the speculative pricing in cryptocurrencies, specifically highlighting companies raising money in 'initial coin offerings' (ICO).

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

Dimon added: ‘Don’t ask me to short it, it could be at $20,000 before this happens but it will eventually blow up. It’s a fraud and honestly I’m just shocked anyone can’t see it for what it is.’

He went on to say that only drug dealers, murderers or if you are in Venezuela, Ecuador or North Korea, you would be better off dealing in bitcoin rather than in US dollars.   

4 comments so far. Why not have your say?

William Phillips

Sep 14, 2017 at 13:49

Now why would the House of Morgan, one of the founding pillars of the Fed monopoly of US currency issuance, possibly want to talk down a medium of exchange outwith government control?

Coming next: only criminals want to hold gold! Only bad actors have numbered accounts!

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PaulSh

Sep 14, 2017 at 14:13

@William Phillips, you forgot "only tax evaders want cash".

Of course all governments want money safely tucked away in official bank accounts where it can be monitored, taxed, bailed-in, haircut and, if necessary, simply confiscated.

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Mr Helpful

Sep 15, 2017 at 13:59

'Trading sardines' perhaps not the eating ones?

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Graham Barlow

Sep 18, 2017 at 15:14

Full of threats if you do not

agree with him, We have just had the Governments preside over the confiscation of any earning power from Bank deposits or new Bonds. This has been a transfer from the frugal and savings community to the profligate borrowers What has old JP Morgan got to say about that? NOTHING.

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