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JP Morgan CEO’s Bitcoin rant causes hiccup in cryptocurrency value

The Next Web Wednesday, 13 September 2017
JP Morgan CEO’s Bitcoin rant causes hiccup in cryptocurrency valueJP Morgan CEO Jamie Dimon set off a market slide when he called Bitcoin a “fraud” that would “blow up” earlier this week at a conference. The price of Bitcoin – already slumped over 10 percent off word China may ban cryptocurrency – further dropped to $3,772, the lowest it’s been in a month, after Dimon’s remarks. If he’s to be believed, the end of Bitcoin is nigh. Then again, reports of Bitcoin’s demise may have been exaggerated. Bitcoin sits at $3,894 as of Wednesday afternoon and its all-time high is less than $5,000. For perspective, six months ago Bitcoin…

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News video: JPMorgan CEO Calls Bitcoin 'A Fraud'

JPMorgan CEO Calls Bitcoin 'A Fraud' 00:36

This week, JPMorgan CEO Jamie Dimon said that cryptocurrency bitcoin is "worse than tulip bulbs," and will eventually blow up because it is "a fraud." Despite Bitcoin exploding in popularity this year, particularly in Asia, Dimon says its rally "wont end well." In addition to Dimon, Nobel-winning...

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