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“Cryptocurrency will blow”: Jamie Dimon

“Cryptocurrency will blow”: Jamie Dimon

The CEO of JPMorgan, Jamie Dimon, gives his thoughts on bitcoins.

A Barclays Conference heard Jamie Dimon say cryptocurrency is a fraud.

James Dimon has been Chief Executive Officer and President since December 31, 2005. Image credit: JPMorgan Chase

The chief executive officer for JPMorgan Chase spoke out, stating that trading bitcoins is “stupid” and “won’t end well”.

In his complete statement, the CEO took a shot, saying:

“It’s worse than tulip bulbs. (referring to the boom of the tulip plant in 17th-century Europe) It won’t end well. Someone is going to get killed” (…) “Currencies have legal support. It will blow up”, he said according to CNBC.

Adding to his point, Dimon said that he would fire any trader that transacted bitcoin for stupidity and doing something that goes against the company rules.

THE COST OF WORDS

Cryptocurrency is at an all-time high.

Investors in the most powerful economic offices in the world, like Wall Street, have embraced the use and future of bitcoins as one they need to put special focus on.

During this year, an increase of about 350% has seen the popularity of Bitcoin rise, as large investors see it as a huge economic opportunity.

However, Jamie Dimon’s words took a toll on the value of the cryptocurrency, as it traded at $4,106.23 afterwards, down 2 percent.

For JPMorgan, Dimon’s words took a toll as the company´s stock fell but remained up 1.4 percent.

BITCOIN DOUBTERS

Merrill Lynch, manager for Bank of America, has said that betting on the continuous rise of bitcoins meant entering “the most crowded” trade.

As for Robert Shiller, Nobel-winning author, he has claimed that bitcoins are a “bubble” very similar to the housing and tech bubbles that emerged in early 2007 and 2008.