JPMorgan's CEO slams bitcoin as a 'fraud'

JPMorgan's CEO slams bitcoin as a 'fraud'

JPMorgan's CEO slams bitcoin as a 'fraud'

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. He said he'd fire, on grounds of stupidity, any trader who traded it.

Dimon also said he'd "fire in a second" any JPMorgan trader who was trading bitcoin, noting two reasons: "It's against our rules and they are stupid".

The remarks aren't a surprise, as Dimon has a long history of being critical of bitcoin, so fans will doubtless comfort themselves with the thought that his prediction that bitcoin will be stopped hasn't happened yet.

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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.

CBOE has applied with US regulators to launch a bitcoin futures contract and a bitcoin exchange traded fund on its venues. "Someone is going to get killed.Currencies have legal support". "You just saw in China, governments like to control their money supply".

"Don't ask me to short it", he said.

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Dimon did acknowledge that people in locations with no other options could find bitcoin very useful and that his own daughter has purchased bitcoin.

Dimon's comments come as the bitcoin, a virtual currency not backed by any government, has more than quadrupled in value since December to more than $4,100.

"Like it or not, people want exposure to bitcoin", Edward Tilly, chairman and CEO of exchange group CBOE Holdings Inc. "So there may be a market for that, but it'd be a limited market".

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Bitcoin has been steadily rising over the a year ago. "We're happy to be the ones in the middle".

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