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Jamie Dimon Calls Bitcoin ‘A Fraud’ and May Have Delivered the Biggest Blow to the Digital Currency

J.P. Morgan chief compares bitcoin rally with the tulip bubble

by Anora Mahmudova
Market Watch

J.P. Morgan Chase & Co. boss Jamie Dimon just leveled one of the harshest criticisms about bitcoin and the broader digital-currency sector to date.

Speaking at a banking industry conference organized by Barclays Dimon compared the rapid ascent of bitcoin with the 17th century mania over tulip bulbs — viewed as a classic, textbook bubble — and predicted that things may end just as badly for investors in the decentralized currency, which has been surging over the past year.

“Bitcoin will eventually blow up. It’s a fraud. It’s worse than tulip bulbs and won’t end well,” Dimon said.

Dimon also said he would fire any trader trading bitcoin for being “stupid.”

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