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Jamie Dimon: Bitcoin Is A Fraud

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J.P. Morgan Chase & Co. CEO Jamie Dimon has called crypto-currency bitcoin 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.

"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."

Speaking at another banking conference organized by Barclays, Dimon compared the sudden spike in bitcoin's rate with the 17th century tulip bulbs bubble and said he expects things to end badly for investors.

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

Dimon also noted that he fire any JPMorgan trader who trades in bitcoins as "It's against our rules and they are stupid."

by RTT Staff Writer

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