JPMorgan CEO Claims Bitcoin And All Cryptocurrencies Are Frauds That Will Eventually Be Shut Down
There has been a run on cryptocurrencies in the past year or so, especially when it comes to Bitcoin and Ethereum. The latter has especially been popular, with enthusiasts quickly gobbling up high-performance NVIDIA and AMD GPUs to bolster their mining efforts.
While many enthusiasts and even some well-respected financial institutions have flocked to cryptocurrencies, one high-profile executive takes the stance of "Just Say No", to quote the late Nancy Reagan. JPMorgan Chase CEO Jamie Dimon isn't just down on cryptocurrencies like Bitcoin; he thinks that they are a fraud, plain and simple.
JPMorgan Chase CEO Jamie Dimon (source: Steve Jurveston/flickr)
Speaking at the Delivering Alpha conference earlier this week, Dimon said that Bitcoin is "just not a real thing" and that "eventually it will be closed." Would you like to know just how much Dimon loathes Bitcoin? Well, he threw his daughter -- his own flesh and blood -- under the bus for her decision to invest in the cryptocurrency.
"My daughter bought Bitcoin, it went up and now she thinks she's a genius."
Dimon didn't stop there with his rhetoric, however. He went on, saying that "someone is going to get killed", although we're not sure if he meant that literally, or in the financial sense. He also made it clear that any JPMorgan trader that was found to be dabbling in Bitcoin would be fired on the spot because "they are stupid".
Whoosh, tell us how you really feel, Jamie! He pointed out that China is rumored to be putting the kibosh on domestic Bitcoin exchanges over fraud concerns, and that governments usually like to keep a close eye on currencies, controlling it from a central bank. When it comes to Ethereum and Bitcoin, it's often the Wild Wild West, fraught with scams and nefarious parties with no financial recourse for victims.
It's understandable that Dimon, as the head of one of America's most prominent banks, to remain skeptical about cryptocurrency. However, it's quite shocking to see this volley of insults hurled at Bitcoin.
Bitcoin has seen its value soar over 300 percent since the start of 2017. As for Ethereum it has shot up 3,275 percent since January 1. As of this writing, 1 Bitcoin is equal to $3,750, while 1 ETH is equal to $264.