JPMorgan Chase CEO Jamie Dimon said Tuesday he would fire any employee trading bitcoin for being “stupid.” The cryptocurrency “won’t end well,” he told an investor conference in New York, predicting it will eventually blow up.
JPMorgan Chase CEO Jamie Dimon said Tuesday he would fire any employee trading bitcoin for being “stupid.”
The cryptocurrency “won’t end well,” he told an investor conference in New York, predicting it will eventually blow up. “It’s a fraud” and “worse than tulip bulbs,” Dimon said.
Bitcoin has soared in recent months, spurred by greater acceptance of the blockchain technology that underpins the exchange method and optimism that faster transaction times will encourage broader use of the cryptocurrency. Prices have climbed more than fourfold this year .
Tulips are a reference to the mania that swept Holland in the 17th century, with speculators driving up prices of virtually worthless tulip bulbs to exorbitant levels. That didn’t end well.
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In bitcoin’s case, Dimon said he’s skeptical authorities will allow a currency to exist without state oversight, especially if something goes wrong.
Dimon differentiated between the bitcoin currency and the underlying blockchain technology, which he said can be useful. Still, he said banks’ application of blockchain “won’t be overnight.”