JPMorgan Chase CEO Jamie Dimon says that cryptocurrency Bitcoin is \u201ca fraud\u201d that \u201cwon\u2019t end well”.<\/p>\n
Dimon told an investor conference in New York on Tuesday that where currencies have legal support, Bitcoin would eventually blow up. \u201cIt\u2019s a fraud\u201d and \u201cworse than tulip bulbs,\u201d Bloomberg reported.<\/p>\n
Tulips are a reference to the mania that swept Holland in the 17th century, with speculators driving up prices of virtually worthless tulip bulbs to exorbitant levels. That didn\u2019t end well, the news agency said.<\/p>\n
Dimon said that if a JPMorgan trader began trading in Bitcoin, “I\u2019d fire them in a second. For two reasons: It\u2019s against our rules, and they\u2019re stupid. And both are dangerous.\u201d<\/p>\n
\u201cI\u2019m not saying go short Bitcoin and sell $100,000 of Bitcoin before it goes down. This is not advice of what to do. My daughter bought Bitcoin, it went up, and now she thinks she\u2019s a genius.\u201d<\/p>\n
The analyst’s comments come after Bitcoin has soared in recent months, climbing more than four-fold this year – a run that has drawn debate over whether that\u2019s a bubble, Bloomberg said.<\/p>\n
Dimon did differentiate between the Bitcoin currency and the underlying blockchain technology, which he said can be useful. Still, he said banks\u2019 application of blockchain \u201cwon\u2019t be overnight.\u201d<\/p>\n