The digital currency "won't end well!" -Jamie Dimon
told a financial specialist meeting in New York on Tuesday, anticipating it will in the end explode. "It's a fraud" and he says it will be more regrettable than Tulip Bulbs.
(Tulips are a reference to the madness that swept over Holland in the seventeenth century, with speculators hyping up prices of practically useless tulip bulbs to over the top levels. That didn't end well.)
He further says on the off chance that a JPMorgan dealer started trading bitcoin, he would fire them in a moment. For two reasons: It's against their guidelines, and they're moronic and totally unsafe!
Bitcoin has taken off as of late, prodded by more noteworthy acknowledgment of the blockchain innovation that supports the trade technique and positive thinking that quicker exchange times will energize more extensive utilization of the crypto-money. Prices have climbed more than four-overlap this year - a run that has drawn verbal confrontation about whether that is an air pocket.
A week ago, reports claiming that China's intention to boycott exchanging of virtual monetary forms on domestic trades, manages another hit to the $150 billion digital money market!
He says that most governments like to control their money and eventually someday someone is going to get killed over this thingy and the government is going to come down!
He further says that he cannot foretell how high is the bitcoin going to climb before it falls but he says even then he believes in the block chain technology as it can be useful but the change is never going to happen overnight!
Dimon's remarks are being claimed to be pretty strong for a person at that really high profile by Jeffrey Gundlach, chief investment officer of DoubleLine Capital but he just does want to share any of his approaches on this digi-currency craze claiming he's too old for this mania!