JP Morgan CEO: Bitcoin is a fraud

Jamie Dimon, the current CEO of J.P. Morgan Chase, has recently voiced his opinion on Bitcoin. He made it clear he thinks that this cryptocurrency will not have a bright future. Like many economists before him, he compared the current hype around Bitcoin to the Dutch tulip bubble, one of the first documented and most known economic bubbles in human history.

“It’s just not a real thing, eventually it will be closed”, he predicted at the conference held by CNBC and Institutional Investor.

At the different conference before, he stressed that “it” (the Bitcoin mania) will not end well and someone is going to get killed. Mr Dimon told that if he ever sees someone in his company trading bitcoins, he would fire them immediately.

Here one must keep in mind that Jamie Dimon heads the organization traditionally operating with fiat money, so he might be just a bit prejudiced about the new concept of decentralized and, as it often called, “virtual” currency. However, his anticipation about Bitcoin going down turned out to be justified: at the press time (13.09.2017, 7:23 AM UTC), Bitcoin was traded at $4015, while just three hours ago its value was even lower – $3937.19 (according to Coinmarketcap).

The overall market sentiment changed after the news from China, but the wave analysts like Sheba Jafari from Goldman Sachs would note here that the China’s ICO suspension was not a reason, but rather, a justification for the anticipated end of the long bullish trend.