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JPMorgan's Dimon says bitcoin 'is a fraud' and will blow up

You can't have a business where people can invent a currency out of thin air and think that people who are buying it are really smart: Jamie Dimon

Reuters  |  New York 

Bitcoin "is a fraud" and will blow up, Jamie Dimon, chief executive of JPMorgan Chase & Co, said on Tuesday. Speaking at a bank investor conference in New York, Dimon said, "The currency isn't going to work. You can't have a business where people can invent a currency out of thin air and think that people who are buying it are really smart." Dimon said that if any JPMorgan traders were trading the crypto-currency, "I would fire them in a second, for two reasons: It is against our rules and they are stupid, and both are ...

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First Published: Wed, September 13 2017. 19:47 IST
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