JP Morgan’s Jamie Dimon: “Bitcoin Is A Fraud”br>
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon came out with guns blazing Tuesday at the Delivering Alpha conference.
Dimon said he would fire any employee for trading bitcoin. Why? They were being “stupid.” He added that bitcoin is “a fraud” and “worse than tulip bulbs,” and predicted, “It won’t end well.”
He later amplified his employee remarks, stating that trading in the cryptocurrency was “against our rules.”
As for the cryptocurrency market, “Someone’s going to get killed and then the government’s going to come down,” he said. “You just saw in China, governments like to control their money supply.” He added that he had no problem with blockchain technology, but that its use “won’t happen overnight.”
He said he wouldn’t short bitcoin, because there is no telling how high it could go. And he mentioned it had utility in troubled countries.
“If you were in Venezuela or Ecuador or North Korea or a bunch of parts like that, or if you were a drug dealer, a murderer, stuff like that, you are better off doing it in bitcoin than U.S. dollars,” he said. “So there may be a market for that, but it’d be a limited market.”