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JPMorgan CEO: Bitcoin Is A ‘Fraud’

The JPMorgan CEO said he would fire anyone who traded the cryptocurrency for being stupid.

JPMorgan’s CEO Jamie Dimon has some harsh words about the poster child for cryptocurrencies today, calling bitcoin a “fraud” at a Barclay’s banking conference.

Dimon had a number of choice words about bitcoin, warning that it “won’t end well,” and likening it to the Dutch tulip bulb frenzy. (Barron's also sees similarities between the cryptocurrency and the bulb bubble.)

He also said that he would fire any trader he found trading bitcoin for stupidity.

The Lindsey Group’s Peter Boockvar, couching his language a bit more diplomatically, said that Dimon’s comments “should certainly add to the debate on cryptocurrencies and Bitcoin.”

The remarks aren’t a surprise, as Dimon has a long history of being critical of bitcoin, so fans will doubtless comfort themselves with the thought that his prediction that bitcoin will be stopped hasn’t happened yet.

China has also taken a dim view of bitcoin, banning exchanges.

The Bitcoin Investment Trust (GBTC)  is higher this afternoon.

See related posts: Bitcoin: Double, Double Toil and Trouble…Or Not

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