Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

JP Morgan CEO says bitcoin 'fraud' suited for drug dealers

5 Comments
JP Morgan CEO says bitcoin 'fraud' suited for drug dealers

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 if you are in Venezuela, Ecuador or North Korea, you would be better off dealing in bitcoin rather than in US dollars.   

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Your Business: Cover Star Club

Profile: Kevin Doran's formula for success at AJ Bell

Profile: Kevin Doran's formula for success at AJ Bell

From a degree in theoretical physics to teaching and becoming one of the youngest chief investment officers in the UK, Kevin Doran has certainly had an interesting career.

Wealth Manager on Twitter