Bitcoin Is a Fraud and will Blow Up, JP Morgan Boss Says

Investing.com - Bitcoin is a fraud that will eventually blow up, according to JP Morgan chief executive Jamie Dimon.Speaking at a bank investor conference in New York, Dimon said the cryptocurrency was only fit for use by drug dealers, murderers and people living in places like North Korea.He said he would fire “in a second” anyone at the investment bank found to be trading Bitcoin. Bitcoin prices are down 16.5% so far this month, but have still quadrupled in value since the start of the year, hitting a high of almost $5,000.Dimon’s criticism of the digital currency came as the UK financial regulator warned against a speculative frenzy over initial coin offerings in cryptocurrencies.The Financial Conduct Authority said anyone investing in ICOs should be prepared to lose all their money. China last week announced a ban on ICOs and is reported to be planning to shut down domestic cryptocurrency exchanges.