Friday, 24 November, 2017

Bitcoin Is 'Fraud,' Cryptocurrency Bubble Will Collapse, Says JPMorgan CEO Jamie Dimon

Jamie Dimon Slams Bitcoin as a 'Fraud' JPMorgan CEO: Bitcoin Is A 'Fraud'
Preston Stone | 13 September, 2017, 03:12

He said he'd fire, on grounds of stupidity, any trader who traded it.

The cryptocurrency "won't end well", he told an investor conference in NY on Tuesday, predicting it will eventually blow up. While Dimon acknowledges that bitcoin could reach $100,000, he also compares to the so-called Tulip mania phase of the Dutch Golden Age, in which excitement over tulip bulbs help make some varieties worth as much as a house in the 1630s.

In many ways, the Bitcoin run-up is similar to the surge in tulip prices in the Netherlands during the 17th century, one of the early bubbles studied by economists and explored in Paramount's "Tulip Fever", which opened in USA movie theaters this month. "So there may be a market for that, but it'd be a limited market". That didn't end well. Bitcoin can go $100,000 a bitcoin before it goes down, so this is not advice on what to do, " the chief executive said Tuesday. "Someone is going to get killed", Dimon said at a banking industry conference organized by Barclays.

Tesla Automation Faulted by NTSB in 2016 Fatal Florida Crash
The cameras on Brown's sedan failed to distinguish the white side of the semitrailer from the bright sky, Tesla said at the time. We've reached out to Tesla regarding the NTSB's findings and will update this post if we receive a response.

"It went up and she thinks she's a genius now", Dimon said at the CNBC Institutional Investor Delivering Alpha Conference. "You just saw 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". "Earlier that day, Dimon said that Bitcoin could perhaps reach "$20,000".

To be sure, Dimon later noted that his daughter purchased some bitcoin.

"Like it or not, people want exposure to bitcoin", Edward Tilly, chairman and CEO of exchange group CBOE Holdings Inc. Last month, the firm teamed up with Gemini Trust Co. - the startup created by the Winklevoss twins made famous by the 2010 Facebook film "The Social Network" - with a plan to offer bitcoin futures. CEO Jamie Dimon believes it's a losing proposition. Believers can bet on its rise, and Dimon is welcome to take the other side, he said.

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