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.

Go deeper

Axios

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

Global: Total confirmed cases as of 10 p.m. ET: 1,014,673 — Total deaths: 52,973 — Total recoveries: 210,335 — Map.
U.S.: Total confirmed cases as of 10 p.m. ET: 244,678 — Total deaths: 5,911 — Total recoveries: 9,058 — Map.
2020 updates: The Democratic National Committee said its July convention will be postponed until August because of the coronavirus. A federal judge declined to delay Wisconsin's April 7 primary election.
Jobs latest: Coronavirus unemployment numbers are like a natural disaster hitting every state.
Public health latest: Anthony Fauci called for all states across the U.S. to issue stay-at-home orders. The FDA will allow blood donations from gay men after 3-month waiting period, citing "urgent need."
Business latest: Treasury Secretary Steven Mnuchin said oil companies are eligible for aid from new lending programs the Federal Reserve is setting up, but not direct loans from his department.
U.S.S. Theodore Roosevelt: Navy removes captain of aircraft carrier who sounded alarm about coronavirus.
1 future thing: In developing countries, consequences of COVID-19 could be deeper and far more difficult to recover from.
What should I do? Answers about the virus from Axios experts — What to know about social distancing — Q&A: Minimizing your coronavirus risk.
Other resources: CDC on how to avoid the virus, what to do if you get it.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

Keep ReadingUpdated 32 mins ago - Politics & Policy

Jonathan Swan, Alayna Treene

Mark Meadows considers new White House press secretary

Photos: Alyssa Farah, Defense Department; Stephanie Grisham, Alex Wong/Getty Images; Kayleigh McEnany, Scott W. Grau/Icon Sportswire via Getty Images

White House chief of staff Mark Meadows has privately discussed bringing on Pentagon spokeswoman Alyssa Farah or Trump campaign spokeswoman Kayleigh McEnany as a new White House press secretary, two sources familiar with the talks tell Axios.

Why it matters: Meadows' start on Tuesday as Trump's new chief — and televised coronavirus briefings that feature President Trump himself — present a chance to overhaul a press shop that's kept a low profile since President Trump ended the tradition of daily press secretary briefings.

Go deeper34 mins ago - Politics & Policy

Orion Rummler

CNN: Fauci advises all states issue stay-at-home orders

Dr. Anthony Fauci listens to President Trump speak during a briefing on April 1. Photo: Win McNamee/Getty Images

Director of the National Institute of Allergy and Infectious Diseases Anthony Fauci recommended on Thursday that all states across the U.S. implement stay-at-home orders, at a CNN town hall.

Why it matters: The recommendation stands in contrast to President Trump's calls for "flexibility." Nearly 4o states have issued stay-at-home orders to promote social distancing as a way to combat the novel coronavirus — but the orders vary in strictness and duration.

Go deeper1 hour ago - Health