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Chase bank CEO calls bitcoin a 'fraud'

14 September 2017

"There are governments that see Bitcoin as a novelty", he says, referring to the technology that supports it, similar to that used by entities such as JPMorgan itself to cut costs in its transactions.

The virtual currency has grown by more than 350% this year, in view of the rising demand in Asia, global political uncertainty, and an increased adoption of blockchain.

However, he acknowledged that the blockchain, the " chain of blocks", a technology behind the bitcoin, was, it, useful, but its usages in the daily life would take a long time.

It should be noted that Dimon has always been bearish on bitcoin, likely because JPMorgan, for years, has attempted to build digital currencies that would rival it.

Speaking later in the day at a different event, the Delivering Alpha conference, Dimon joked that just because prices were going up now didn't mean they would do so forever. If "the flippening" comes to pass - a point at which cryptocurrency overtakes traditional money in terms of usage - banks are going to have to scramble to find their place in the new economic landscape.

Dimon is not the only one who is openly skeptical about Bitcoin.

With CEX-IO, you can buy and sell Bitcoins for Dollars or Euro with payment cards or via bank transfers easily. He called it a "fraud" and said he would fire any trader at the bank who touched it.

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"It's worse than tulip bulbs. You just saw China, governments like to control their money supply".

To understand more about Blockchain, Bitcoin, how they are created, and how to buy/sell them in Pakistan, read our detailed guides on Cryptocurrency in this section.

Dimon also iterated that the only people who would invest on Bitcoin are murderers, drug dealers, and people living in parts of North Korea, Ecuador, and Venezuela. "There may be a market for that but it's a limited market", Dimon said.

"It's interesting that somebody with that high profile of the establishment is out there with that bold statement", Jeffrey Gundlach, chief investment officer of DoubleLine Capital, said on a webcast Tuesday after Dimon's remarks.

Gundlach said he did not have a view on bitcoin, but that he was concerned it could be more vulnerable to manipulation than enthusiasts admit.

"Like it or not, people want exposure to bitcoin", Tilly said. Also, we had news that one of the Chinese exchanges, bitkan, would be stopped OTC trading from Thursday.

Chase bank CEO calls bitcoin a 'fraud'