Bitcoin is a fraud that will blow up

JPMorgan Chase CEO Jamie Dimon has called Bitcoin “a fraud” that “will blow up”.

According to a report by CNBC, Dimon said Bitcoin was “just not a real thing” and eventually it will be closed.

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

Dimon added that he would “fire in a second” any JPMorgan trader who was trading Bitcoin. This was because it is against the company’s rules, and “they are stupid”.

“I’m not saying go short Bitcoin and sell $100,000 of Bitcoin before it goes down. This is not advice of what to do. My daughter bought Bitcoin, it went up, and now she thinks she’s a genius.”

Dimon’s comments come after China started cracking down on cryptocurrencies, banning ICOs in the country.

Now read: Bitcoin surpasses Nasdaq as the most crowded trade in financial markets

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Bitcoin is a fraud that will blow up