Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Bitcoin Is a Fraud and will Blow Up, JP Morgan Boss Says

Published 09/13/2017, 10:15 AM
Updated 09/13/2017, 10:15 AM

Investing.com - Bitcoin is a fraud that will eventually blow up, according to JP Morgan chief executive Jamie Dimon.
Speaking at a bank investor conference in New York, Dimon said the cryptocurrency was only fit for use by drug dealers, murderers and people living in places like North Korea.
He said he would fire “in a second” anyone at the investment bank found to be trading Bitcoin.
Bitcoin prices are down 16.5% so far this month, but have still quadrupled in value since the start of the year, hitting a high of almost $5,000.
Dimon’s criticism of the digital currency came as the UK financial regulator warned against a speculative frenzy over initial coin offerings in cryptocurrencies.
The Financial Conduct Authority said anyone investing in ICOs should be prepared to lose all their money.
China last week announced a ban on ICOs and is reported to be planning to shut down domestic cryptocurrency exchanges.

Latest comments

Haven´t anyone seen the movie Wall Street? C´mon people! If someone here used fibonacci on a weekly chart de drop was a given!! This guy just made it happen. Pullback on 68.1% was dead on on what the price droped since sept 14. . Look up the Bancor plan that never happened, propoused during the Brenton Woods conferences during 1942-45. The idea of a global currency is not new... And don´t be naive... bitcoin IS NOT a threat to banks. Believing that is silly, just shows how people in criptocurrencies don´t understand financial and monetary policies at all...
Sounds more like a desperate effort to help the establishments supress crypto. If it wasn't such a threat, he wouldn't need to say something designed to induce investor panic.
It is a positive sign for cryptocurrencies that old fashioned financiers are critical: This suggests that they can't ignore cryptocurrencies entirely yet reluctant to a change in a direction that forces pushes them out of their comfort zones.
Lol, and jp fraudgon isn't? Bitcoin is the truth that will bring down corrupt banks
Fiat currency is the real fraud
Scary to loose the power of printing money . Right?
Nowt there's the voice of someone that's afraid of Bitcoin.
It may be a Fraud. In that case FEDs QE is a multi mega Fraud
Yes it is
Yes
JP Morgan boss data noncense ... Its NUTS guy out of his mind. Bitcoin can not be closed or forbidden by anyone. Bitcoin is a fraction of blockchain file that anyone canal own , buy or sell without restrictions. None need brokers or exchange to buy or sell bitcoin. Broker are for speculators and doesnt have nothing to do with bitcoin owners nor ICOs companny. NUTS guy.lolololol
Sure would be useful if Mr. Dimon told us *why* he feels this way, or provided some sort of rationale for his statement.  Without that, he's just another critic.
Agree 100%, with Chinese crypto market this will be a great buy . We crypto nights know this is the future
I'm pretty crypto agnostic (wow, that sounds cool...), but soundbite blanket statements like this are used as "evidence" by crypto detractors.  Statements made without evidence cannot be used as evidence!
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.