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Bitcoin Is A Scam, says JP Morgan CEO

Sep 14, 2017 | Uncategorized | 0 comments

In the past six months, heat has risen and many investors have targeted the market, but some analysts have come to attack Bitcoin. Recently, JP Morgan CEO Jamie Dimon said in an interview that Bitcoin is a scam, and will eventually burst.


Dimon’s statement was made at a bank meeting hosted by Barclays, who compared Bitcoin to the 17th-century “tulip bubble” and argued that when the bitcoin’s bubble will burst, the current investors will be worse off. Dimon also said he would dismiss any of JP Morgan’s traders involved in Bitcoin because he was “stupid”.

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 Last week, as the central bank officially stopped ICO, Bitcoin prices continued to fall, in three days time down as much as 30%. According to the data displayed by the coin network, Bitcoin prices were at the highest point of 32350.00 yuan on September 2, and by September 5 had fallen 22592.31 yuan, down 30%.

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Jamie Dimon said that bitcoin is fit for people like murderers, drug dealers, and residents of North Korea. He also 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. If you were in Venezuela or Ecuador or North Korea or a bunch of parts like that, or if you were a drug dealer, a murderer, stuff like that, you are better off doing it in bitcoin than US dollars. So there may be a market for that, but it would be a limited market.”


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