Fearing competition, JP Morgan Chase lashes out at Bitcoin

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September 13th, 2017 – Fort Russ News –

– Agencies – – by Samer Hussein –
 

The CEO of JPMorgan Chase, a US-bank notorious for having to pay $13 billion to settle investigations into its mortgage bonds, James Dimon, has saidthe cryptocurrency Bitcoin is doomed to fail. 

“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,” Dimon said at a bank investor conference in New York.

The head of America’s largest bank also threatened to dismiss traders, should they be discovered to be using any of the cryptocurrencies.


“I would fire them in a second, for two reasons: It is against our rules, and they are stupid, and both are dangerous,” Dimon was quoted by Reuters, adding that Bitcoin may only be useful to those who are living in places in Venezuela or North Korea, are drug dealers or murderers.

He even went as far as to compare the recent Bitcoin rush to the 17th Century tulip mania, which resulted in boosting contract prices for bulbs of newly introduced tulips to extremely high levels, before starting to collapse dramatically in February 1637.

This week the value of Bitcoin has fallen to a three-week low and is currently trading at around $3,970 per unit.

It is noteworthy that since early September Bitcoin lost a massive $1,000 in value as its former price was close to a record high of $5,000.

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