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Bitcoin is a 'fraud' suited for drug dealers, says JP Morgan chief

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Bitcoin is a 'fraud' suited for drug dealers, says JP Morgan chief

JP Morgan chief executive officer Jamie Dimon has labelled bitcoin a ‘fraud’ adding he would fire any trader who traded it.

Speaking at a conference in New York, Dimon predicted that the cryptocurrency will 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 £3000. Yesterday the Financial Conduct Authority issued a warning on the speculative pricing in cryptocurrencies, specifically highlighting 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 people living in countries facing economic sanctions from the US government such as Venezuela, Ecuador or North Korea, would be better off dealing in bitcoin rather than in US dollars.   

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