From CNBC
Jamie Dimon: Governments look at bitcoin as a novelty Jamie Dimon: Governments look at bitcoin as a novelty 3 Hours Ago | 01:45 JPMorgan Chase CEO Jamie Dimon took a shot at bitcoin, saying the cryptocurrency "is a fraud."Read the full article here: https://www.cnbc.com/2017/09/12/jpmorgan-ceo-jamie-dimon-raises-flag-on-trading-revenue-sees-20-percent-fall-for-the-third-quarter.html"It's just not a real thing, eventually it will be closed," Dimon said Tuesday at the Delivering Alpha conference presented by CNBC and Institutional Investor.
Dimon joked that even his daughter bought some bitcoin, looking to cash in on a trend that has seen it soar more than 300 percent this year.
"I'm not saying 'go short bitcoin and sell $100,000 of bitcoin before it goes down," he said. "This is not advice of what to do. My daughter bought bitcoin, it went up and now she thinks she's a genius."
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.
"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."
Well, the one thing Jamie Dimon proved today was he either doesn't understand what bitcoin is or what fraud is. I would bet on the former. These seem to be the words of a man who is very afraid of a future he does not understand. His industry is being disrupted and his anxiety is getting the better of him.
fraud
frôd/Submit
noun
wrongful or criminal deception intended to result in financial or personal gain.
"he was convicted of fraud"
Leave your thoughts in the comments.
Follow
to stay up to date on more great posts like this one.