Citywire for Financial Professionals
Stay connected:

View the article online at

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!

report this


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.

report this

Mr Helpful

Sep 15, 2017 at 13:59

'Trading sardines' perhaps not the eating ones?

report this

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.

report this

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

The Citywire Guide to Investment Trusts

In this guide to investment trusts, produced in association with Aberdeen Asset Management, we spoke to many of the leading experts in the field to find out more.

Watch Now

Today's articles

Tools from Citywire Money

From the Forums

+ Start a new discussion

Weekly email from The Lolly

Get simple, easy ways to make more from your money. Just enter your email address below

An error occured while subscribing your email. Please try again later.

Thank you for registering for your weekly newsletter from The Lolly.

Keep an eye out for us in your inbox, and please add to your safe senders list so we don't get junked.

Sorry, this link is not
quite ready yet