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Bitcoin Is A Fraud That Will Blow Up,says America's Bigggest Bank JP Morgan Boss - Investment - Nairaland

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Bitcoin Is A Fraud That Will Blow Up,says America's Bigggest Bank JP Morgan Boss by Nobody: 7:37am On Sep 14, 2017

Bitcoin is a fraud that will ultimately blow up, according to JP Morgan boss Jamie Dimon, who said the digital currency was only fit for use by drug dealers, murderers and people living in places such as North Korea.

Speaking at a conference in New York, the boss of America’s biggest bank said he would fire “in a second” anyone at the investment bank found to be trading in bitcoin. “For two reasons: it’s against our rules, and they’re stupid. And both are dangerous.”
He added: “The currency isn’t going to work. You can’t have a business where people can invent a currency out of thin air and think that people who are buying it are really smart.

“If you were in Venezuela or Ecuador or North Korea or a bunch of parts like that, or if you were a drug dealer, a murderer, stuff like that, you are better off doing it in bitcoin than US dollars,” he said. “So there may be a market for that, but it would be a limited market.”

Bitcoin is a virtual currency that emerged in the aftermath of the financial crisis. It allows people to bypass banks and traditional payment processes to pay for goods and services. Banks and other financial institutions have been concerned about bitcoin’s early associations with money laundering and online crime, and it has not been adopted by any government.


It has more than quadrupled in value since December, hitting about $4,700 last month before falling back. It fell by about 5% after Dimon’s comments on Wednesday to below $4,000.
“It is worse than tulip bulbs,” Dimon said, referring to a famous market bubble from the 1600s. He predicted big losses for those investing in bitcoin. “Don’t ask me to short it. It could be at $20,000 before this happens, but it will eventually blow up,” he said. “Honestly, I am just shocked that anyone can’t see it for what it is.”

However, the banker revealed his daughter had bought bitcoin: “It went up and she thinks she’s a genius now.”

Last week, Lady Mone launched a major property development in Dubai, priced in bitcoins, saying the digital currency was a growing market that could not be ignored.
The co-founder of the underwear brand Ultimo is selling the luxury apartments with her businessman boyfriend, Douglas Barrowman, and the £250m scheme will include two apartment blocks and a shopping centre. One-bedroom apartments will be priced at about 54 bitcoins, Barrowman said, while two-bedroom flats are expected to go for about 80 bitcoins.

Yann Quelenn, an analyst at the online bank Swissquote, said bitcoin “still has great potential”.

“We think it is a possible safe haven. Fewer than 0.01% of the world’s population has a bitcoin wallet,” he said. “If this would reach 1%, the demand for bitcoin would skyrocket, because there are only 18m coins available.

“Cryptocurrencies are a new asset class, one at war with fiat [paper] money, and that war will be fought on regulatory issues. Central banks are keen to preserve their monopoly on money, something they will not let go of without a fight.”
Source: https://www.theguardian.com/technology/2017/sep/13/bitcoin-fraud-jp-morgan-cryptocurrency-drug-dealers

Cc Lalasticlala

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Re: Bitcoin Is A Fraud That Will Blow Up,says America's Bigggest Bank JP Morgan Boss by Nobody: 7:42am On Sep 14, 2017
I hope they listen this time around!
Re: Bitcoin Is A Fraud That Will Blow Up,says America's Bigggest Bank JP Morgan Boss by hungryboy(m): 7:55am On Sep 14, 2017
Bitcoin Na the next MMM
You go just wake up one morning hear say, 1BTC were be 4000usd don go down to 100usd,


I no trust any currency were i no fit touch with my hands
Re: Bitcoin Is A Fraud That Will Blow Up,says America's Bigggest Bank JP Morgan Boss by Fxmanager(m): 11:53am On Sep 14, 2017
Re: Bitcoin Is A Fraud That Will Blow Up,says America's Bigggest Bank JP Morgan Boss by Ay04z(m): 12:23pm On Sep 14, 2017
hungryboy:
Bitcoin Na the next MMM
You go just wake up one morning hear say, 1BTC were be 4000usd don go down to 100usd,


I no trust any currency were i no fit touch with my hands
skepticism in d blood.

2 Likes

Re: Bitcoin Is A Fraud That Will Blow Up,says America's Bigggest Bank JP Morgan Boss by muntaree: 12:36pm On Sep 14, 2017
A former JPMorgan executive has joined John McAfee in publicly criticising comments by current CEO Jamie Dimon that Bitcoin is a “fraud.”

In a hotly-worded tweet Wednesday, ex-Head of Global Macro Trading Alex Gurevich wrote that Dimon should “STFU” about Bitcoin trading.

“Jamie, you're a great boss and the GOAT bank CEO. You're not a trader or tech entrepreneur,” he added.

The financial mogul garnered considerable scorn from the cryptocommunity and beyond with his words at a New York conference earlier this week. Bitcoin subsequently dropped four percent in price, but commentators were undecided as to whether this was specifically due to Dimon’s rhetoric.

Meanwhile, McAfee founder John McAfee, famous for his Bitcoin advocacy, took to CNBC to voice his displeasure at Dimon.

In a personal address still somewhat toned down compared to his previous comments, McAfee focused on the real “fraud” element being attached to the uncontrolled printing of fiat currency.

“It costs over $1,000 to create each Bitcoin. What does it cost to create a US dollar? Which one’s the fraud?” he asked.

From within cryptocurrency industry, multiple figures have added to the backlash less directly.

Bharath Rao, CEO of Leverj, said today in emailed comments that cryptocurrency will still reward the first movers, which in 2017 can still be anyone who chooses to come on board.

“The ones who have the vision and courage to step in and shape the future will be handsomely rewarded and those who shudder and fear this unstoppable force are choosing to be obsolete with their archaic systems,” he forecast.

3 Likes

Re: Bitcoin Is A Fraud That Will Blow Up,says America's Bigggest Bank JP Morgan Boss by budaatum: 11:01pm On Sep 14, 2017
Re: Bitcoin Is A Fraud That Will Blow Up,says America's Bigggest Bank JP Morgan Boss by nurez305(m): 12:30am On Sep 15, 2017
Is that all?

1 Like

Re: Bitcoin Is A Fraud That Will Blow Up,says America's Bigggest Bank JP Morgan Boss by muntaree: 7:18am On Sep 15, 2017
Re: Bitcoin Is A Fraud That Will Blow Up,says America's Bigggest Bank JP Morgan Boss by Ralphdan(m): 11:43am On Sep 15, 2017
JP is the exact opposite of what bitcoin stands for so what were you expecting him to say? support bitcoin? lol don't be naive.As bitcoin gains JP looses and if bitcoin starts to fall as it is now JP wins.

1 Like

Re: Bitcoin Is A Fraud That Will Blow Up,says America's Bigggest Bank JP Morgan Boss by Bamidele539: 8:11am On Sep 16, 2017
Ralphdan:
JP is the exact opposite of what bitcoin stands for so what were you expecting him to say? support bitcoin? lol don't be naive.As bitcoin gains JP looses and if bitcoin starts to fall as it is now JP wins.
logic truth!
Re: Bitcoin Is A Fraud That Will Blow Up,says America's Bigggest Bank JP Morgan Boss by jospap: 4:37pm On Sep 16, 2017
Rumors Surfacing screenshots shared on reddit, Jamie Dimon CEO of JP Morgan could potentially have given FUD to buy the dip, market manipulation is illegal in traditional markets & a jailable offense.

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