JPMorgan CEO Jamie Dimon says bitcoin is a fraud that will eventually blow up

JPMorgan Chase CEO Jamie Dimon took a shot at bitcoin, saying the cryptocurrency “is a fraud.”

“It’s worse than tulip bulbs. It won’t end well. Someone is going to get killed,” Dimon said at a banking industry conference organized by Barclays. “Currencies have legal support. It will blow up.”

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.”

Bitcoin fell to its session lows after Dimon’s comments. As of 3:01 p.m. in New York, bitcoin traded at $4,106.23, down 2 percent….

Read Story