Bitcoin, According To Jpmorgan CEO Jamie Dimon, Is A "Fraud" That Will Eventually Go Down

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Bitcoin, According To Jpmorgan CEO Jamie Dimon, Is A "Fraud" That Will Eventually Go Down

28 Oct. 2017

Human being work in a certain way. We tend to believe what we hear from common influencers and highly strong people. Especially when there is something new in the market we tend to believe.

Rich people and. Believe in the reviews rather than the experience. This is what happened when JPMorgan Chase, the CEO of Jamie Dimon, took a shot. And. Said in the press.

Can't raise that cryptocurrency is a fraud. Well, then, the phrase did not end here. And yet he added that this is just not a real thing and will eventually end today or tomorrow. To add, this was said on Tuesday.

When he was delivering the Alpha conference on CNBC and institutional investors, he also said that digital currency is only for murderers and drug dealers in people living in places such as North Korea.

Why Was Morgan So Sure About This?

In the conference, HI. In the conference, Jamie said that he would fire anyone who would be seen investing in the bitcoins. Here isn't his statement further by saying that it's against his rules and bitcoins are dangerous and stop it. This statement whose huge and caused Bitcoin greatly decrease in value. This currency fell by 6%.

Dimon's remarks coincide with the virtual currency bitcoin's more than fourfold increase in value from December to more than $4,100. Any government does not guarantee Bitcoin.

With the use of the digital currency known as Bitcoin, people may send money to one another and pay for things without using banks or other traditional payment methods.

Banks have mainly avoided bitcoin since it first appeared after the financial crisis. Still, a variety of people favor the virtual currency, including technologists, libertarians who are wary of government monetary policy, and speculators who are drawn to its price fluctuations.

Edward Tilly, chief executive officer of exchange company CBOE Holdings Inc., remarked during the same conference that "people want access to bitcoin, like it or not."

Since December, its value has more than doubled, reaching a high of $4,700 the previous month before declining. Following Dimon's remarks on Wednesday, it dropped by almost 5% to under $4,000.

Dimon remarked that a well-known market bubble occurred in the 1600s, "It is worse than tulips bulbs." For those who invested in bitcoin, he projected significant losses. "Don't request that I short it. Before this occurred, he predicted it might be at $20,000 but eventually explode.

I'm astounded that someone wouldn't recognize it as what it is.

However, the banker admitted that his daughter had purchased bitcoin: "It shot up, and daughter thinks she's a genius now."

The Take Away

In addition to calling bitcoin a "fraud," the executive also called out investors in digital currencies last year.

Significantly, the outspoken CEO reiterated his support for the so-called blockchain, the technology that powers bitcoin. By generating an open, permanent record of every transaction on a network, blockchain eliminates the requirement for a 3rd parties mediator.

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