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JPMorgan Chase chief says he would fire traders dealing in bitcoin for stupidity

13 September 2017  |  12565 views  |  2 Bitcoin

JPMorgan Chase chief Jamie Dimon has upped the ante in his criticism of bitcoin, declaring the cryptocurrency a fraud and warning that he would fire any trader caught dealing in the coin for being "stupid".

Dimon did not mince his words in his latest critique of bitcoin, telling the audience at a conference hosted by Barclays and reported on by Bloomberg that: "It's worse than tulip bulbs. It won't end well. Someone is going to get killed."

His remarks follow a previous savaging of bitcoin back in November 2014 when the cryptocurrency was trading at $400, insisting that virtual currencies have no chance of surviving because they will be crushed by governments.

At the Barclays conference, Dimon maintained his tough stance despite the startling surge in bitcoin value over the past three years, predicting that the market was heading for a "blow up" and adding that he would terminate any trader caught investing in the currency for stupidity.

“I’d fire them in a second," he told the conference. "For two reasons: It’s against our rules, and they’re stupid. And both are dangerous.”

Comments: (2)

Hugh Whitehill
Hugh Whitehill - Link. Client Onboarding KYC - Hong Kong | 14 September, 2017, 03:33

I'd lump breaking the rules and stupdity into one in this case. Wall Streets' aversion to bitcoin comes in waves. It will be interesting to see how it plays out in years to come. 

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A Finextra member
A Finextra member | 14 September, 2017, 07:29  if Jamie fires anyone for trading bitcoin please be sure to send your resumes to us - we're hiring!! Info@globaladvisors.co.uk GA is the owner of the first bitcoin ETN If you know what you are achieving in crypto currencies trading , join the most established team of bitcoin/blockchain expert , please use reference FIN/LK
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