"It's worse than tulip bulbs. It won't end well. Someone is going to get killed," Dimon said.Bitcoin fell to trade around its session lows after Dimon's comments.Dimon's criticism comes at a time when some well-known figures on Wall Street are starting to embrace the cryptocurrency.

Fred Imbert | @foimbert



Jamie Dimon: Governments look at bitcoin as a novelty  3:48 PM ET Tue, 12 Sept 2017 | 01:45

JPMorgan Chase CEO Jamie Dimon took a shot at bitcoin, saying the cryptocurrency "is a fraud."

"It's just not a real thing, eventually it will be closed," Dimon said Tuesday at the Delivering Alpha conference presented by CNBC and Institutional Investor.

Dimon joked that even his daughter bought some bitcoin, looking to cash in on a trend that has seen it soar more than 300 percent this year.

"I'm not saying 'go short bitcoin and sell $100,000 of bitcoin before it goes down," he said. "This is not advice of what to do. My daughter bought bitcoin, it went up and now she thinks she's a genius."

In an appearance at a separate conference earlier in the day, Dimon said bitcoin mania is reminiscent of the tulip bulb craze in the 17th century.

"It's worse than tulip bulbs. It won't end well. Someone is going to get killed," Dimon said at a banking industry conference organized by Barclays. "Currencies have legal support. It will blow up."

Dimon also said he'd "fire in a second" any JPMorgan trader who was trading bitcoin, noting two reasons: "It's against our rules and they are stupid."

Bitcoin fell to its session lows after Dimon's comments. As of 3:01 p.m. in New York, bitcoin traded at $4,106.23, down 2 percent.

Dimon's criticism comes at a time when some of the most well-known figures on Wall Street are starting to embrace the cryptocurrency. Fundstrat's Tom Lee said he sees bitcoin surging to $6,000 next year and value investor Bill Miller reportedly owns bitcoin.



Bitcoin is the 'most crowded trade' right now  11:23 AM ET Tue, 12 Sept 2017 | 00:53

Even Dimon's own bank, JPMorgan, has reportedly begun a trial project using blockchain as it tries to cut trading costs. Blockchain is the technology behind bitcoin.

Bitcoin has already soared 315 percent this year.

Earlier on Tuesday, Dimon warned about further declines in trading revenue for the banking giant.

Dimon said third-quarter trading revenue will drop about 20 percent on a year-over-year basis. Dimon also said the bank may not give intra-quarter guidance in the future.



This comes just a day after Citigroup CEO John Gerspach issued a similar warning. On Monday, Gerspach said Citi's trading revenue could fall 15 percent, citing low market volatility.

2017 has been the calmest market in decades. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, hit its lowest level in more than 20 years earlier this year.

The second quarter was also a weak one for JPMorgan's trading unit as revenue fell 14 percent during the period on a year-over-year basis.

Dimon will also be speaking later Tuesday at the Delivering Alpha conference in New York.

https://www.cnbc.com/2017/09/12/jpmorgan-ceo-jamie-dimon-raises-flag-on-trading-revenue-sees-20-percent-fall-for-the-third-quarter.html

HE SHOULD SHUT HIS PITIFUL LATRINE MOUTH.....

Cryptocurrency is here to stay... in darkweb we are even told that the dollar is changing to a digital coin which is not yet publicized for now... but by 2018 it will be the new USA financial currency to replace the dollar, I just bought my share of the coin last night.
this is no longer about BITCOIIN its now about CRYPTOCURRENCY.... the guy should rest n join his daughter.

I think he need some rest.. The stress at his bank doesn't allow him to think rightly anymore...

greatnaija01:
HE SHOULD SHUT HIS PITIFUL LATRINE MOUTH.....

Cryptocurrency is here to stay... in darkweb we are even told that the dollar is changing to a digital coin which is not yet publicized for now... but by 2018 it will be the new USA financial currency to replace the dollar, I just bought my share of the coin last night.
this is no longer about BITCOIIN its now about CRYPTOCURRENCY.... the guy should rest n join his daughter.

Tell me about that coin. and how do you get into the dark web via a mobile device?

fire.onion app on android store can get you into the darkweb

the coin is phoenix
do your research on it

MrJonny:




Tell me about that coin. and how do you get into the dark web via a mobile device?

greatnaija01:
fire.onion app on android store can get you into the darkweb

the coin is phoenix
do your research on it

Don't try accessing the dark web with your usual IP, make use of an untraceable IP browser like epic browser.

fire.onion is the TOR for android phones.

nohitch:



Don't try accessing the dark web with your usual IP, make use of an untraceable IP browser like epic browser.

greatnaija01:
fire.onion is the TOR for android phones.

or Orfox too

greatnaija01:
HE SHOULD SHUT HIS PITIFUL LATRINE MOUTH.....

Cryptocurrency is here to stay... in darkweb we are even told that the dollar is changing to a digital coin which is not yet publicized for now... but by 2018 it will be the new USA financial currency to replace the dollar, I just bought my share of the coin last night.
this is no longer about BITCOIIN its now about CRYPTOCURRENCY.... the guy should rest n join his daughter.

So you you know more than the man saying it's a fraud.

BILL GATES said it would reach $10,000 by 2018, and this dude talking is just not as rich as BILL GATES or WARREN BUFFET so why should I listen to his advice that is from the anger of a missed opportunity. I bought 10btc as far back as 2013, I count myself among the very first nigerians to know about it... and today my financial life as changed.

DO YOU KNOW HOW MUCH IT WAS BACK THEN COMPARED TO NOW?

Sunnyja:
So you you know more than the man saying it's a fraud.