Chase bank CEO calls bitcoin a 'fraud'

Jamie Dimon Governments look at bitcoin as a novelty

Jamie Dimon, CEO of JPMorgan Chase & Co, said on Tuesday that his eventual successor is an executive working at the bank. Speaking at the Barclays Financial Services Conference yesterday, he described it as a "fraud", "worse than tulips" and only a better option than USA dollars if you're a "drug dealer, a murderer stuff like that". It won't end well. He also said that he would immediately fire any employee at the investment bank that he found to be trading in Bitcoin.

In bitcoin's case, Mr Dimon said he is sceptical the authorities will allow a currency to exist without state oversight, especially if something goes wrong. "It will blow up".

The JPMorgan CEO's words were echoed by expert Zhou Wuying, who said that the skyrocketing price of Bitcoin in recent years is likely to undergo the economic bubble like Tulip mania in the Netherlands. "For two reasons", he said, "It's against our rules, and they're stupid".

With CEX-IO, you can buy and sell Bitcoins for Dollars or Euro with payment cards or via bank transfers easily. This is not advice of what to do. When asked about his daughter's interest in the cryptocurrency at the CNBC Institutional Investor Delivering Alpha Conference, Dimon stated: "It went up and she thinks she's a genius now." . "Someone is going to get killed", he said.

Bitcoin initially slipped after Dimon's remarks.

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The market is violate, and after Dimon's comments the value of a single bitcoin dropped.

The cryptocurrency "won't end well", he told an investor conference on Tuesday, predicting it will eventually blow up.

The self-regulatory agency, which was established by the People's Bank of China (PBoC), stated that the "financial and social risks [of bitcoin exchanges] can not be ignored".

The boss of banking firm JP Morgan isn't exactly convinced that Bitcoin is anything more than a minor bubble, suggesting that the cryptocurrency is doomed - and should only be used by criminals anyway. As cryptocurrency prices have soared regulators in several jurisdictions have grown so concerned they have issued missives warning investors to be cautious.

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