Jamie Dimon Doubles Down on His Bitcoin Attack

September 22, 2017

 

Having already called bitcoin “a fraud,” JPMorgan chief executive Jamie Dimon ramped up his attack on the cryptocurrency in an interview with CNBC on Friday, once again asserting that things are going to “end badly” for bitcoin and its investors.

 

Dimon told CNBC that “these crypto things are kind of a novelty” that people think “are kind of neat.”However, as the cryptocurrency market grows in popularity he said he expects that “more governments are going to close them down.”

 

Dimon was concerned that with bitcoin, ethereum and various initial coin offerings (ICOs), there are now cryptocurrencies everywhere.

 

“It’s creating something out of nothing that to me is worth nothing,” he said. “It will end badly.”

 

Dimon warned that governments will eventually crack down on cryptocurrencies and will attempt to control it by threatening anyone who buys or sells bitcoin with imprisonment, which would force digital currencies into becoming a black market.

 

While its had a volatile year – including a crash last week after BTC China halted trading of the cryptocurrency – bitcoin has recovered to around $3,559.40, according to data from CoinDesk. CNBC notes that bitcoin has 264 percent so far this year.

 

Dimon’s criticisms of bitcoin and the cyrptocurrency market has been met with some backlash from bitcoin supporters.

 

Per CNBC:

Comments like Jamie’s show a failure to grasp the significance of the blockchain and the power of brand in a fundamental sea of change,” said Scott Nelson, chairman and CEO of blockchain firm Sweetbridge, in an email to CNBC last week.

 

Meanwhile, a company called Blockswater has filed a market abuse complaint in Sweden against Dimon and JPMorgan. Blockswater claims Dimon deliberately spread false and misleading information, according to a report by City A.M. JPMorgan Chase declined to comment, the report said.

 

Bridgewater Associates founder Ray Dalio also recently dismissed bitcoin, calling it “a bubble.”

 

Photo: Getty iStock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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