Sep 12, 2017

Jamie Dimon says bitcoin is "a fraud" and "won't end well"

JP Morgan CEO Jamie Dimon and a Bitcoin. Photos: AP

JP Morgan CEO Jamie Dimon slammed bitcoin Tuesday, calling the digital currency "a fraud," per CNBC. He said it's "worse than tulip bulbs” — a reference to the 17th century economic bubble.

"It won't end well. Someone is going to get killed," Dimon said at a Barclays banking conference. "Currencies have legal support. It will blow up."

Why it matters: Dimon has been pessimistic about bitcoin and other cryptocurrencies in the past, and has argued that there will never be a currency "that gets around government controls." And Dimon isn't the only critic. Other analysts have argued that bitcoin is nothing more than a fad with no value, and have warned that the currency's current market success could create an economic bubble.

Market reaction: Bitcoin stock fell roughly 0.8% after Dimon's comments.

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