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.