According to JPMorgan CEO Jamie Dimon, Bitcoin is nothing less than a fraud that will eventually blow up the faces of traders.
Bitcoin is a type of cryptocurrency, and perhaps the most well-known, which can be used to make purchases, and trade on Bitcoin exchanges and is considered an asset by some and currency by others.
This week a banking conference was held in New York where Jamie Dimon shared his thoughts on cryptocurrency. Where he concluded that if any of his employees invest in the organization, then the person will be thrown off the company.
“For two reasons: it’s against our rules, and they’re stupid,” he said. “And both are dangerous. 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.”
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Dimon suggested that Bitcoin will not succeed, but he also stated that “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 of doing it in bitcoin than US dollars.”
In the initial stage, Bitcoin was able to reach many people and was able to seek the attention of underground markets and online crime. That’s the reason why the government has not accepted digital currency yet.
Recently, Bitcoin had a very bad impact on one of America’s largest banks due to which the value of Bitcoin decreased by six percent on Wednesday.