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Jamie Dimon: Bitcoin Is a 'Fraud'

13 September, 2017, 04:08 | Author: Jeff Stephens
  • Jamie Dimon Bitcoin Is a'Fraud                
          Sep 12 2017 at 19:46 UTC by Stan Higgins

Jamie Dimon, CEO of JPMorgan Chase & Co (N:), said on Tuesday that his eventual successor is an executive working at the bank.

In an appearance at a separate conference earlier in the day, Dimon said bitcoin mania is reminiscent of the tulip bulb craze in the 17th century.

Bitcoin fell to its session lows after Dimon's comments.

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JPMorgan's Chief Executive Officer, who previously served on the Board of Directors of the Federal Reserve Bank in NY, compared bitcoin to the "Tulip Mania" economic bubble that swept Holland in the 17 Century, Bloomberg first reported. That didn't end well. Bitcoin prices have risen more than four-fold this year, prompting debate over its exposure to an economic bubble.

"If you're in Venezuela or Ecuador, or North Korea, you're better off probably using Bitcoin than using their currency", he said. It was also during that appearance that said that he would terminate any trader that he found to be trading bitcoin for being "stupid". I'm not sure if I would go so far as to call Bitcoin an outright fraud, but the hype has got me extremely wary. "And both are unsafe".

Last week, it slumped after reports that China plans to ban trading of virtual currencies on domestic exchanges, dealing another blow to the $150 billion cryptocurrency market.

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Dimon said that blockchain can be useful but its use by banks "won't be overnight". "So there may be a market for that, but it'd be a limited market".

"Honestly, I am just shocked that anyone can't see it for what it is".

One place where cryptocurrencies and traditional finance are coming together is at CBOE Holdings Inc., the owner of the Chicago Board Options Exchange.

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CBOE's chairman and CEO, Ed Tilly, defended such efforts after Dimon's remarks.

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