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The banker most powerful of Wall Street says bitcoin is a “fraud stupid”

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The banker most powerful of Wall Street says bitcoin is a “fraud stupid”

president of JPMorgan Chase believes that value of virtual currency is result of speculation

Jamie Dimon attacks direct when something you don't like in world of finance. Has for many years been very critical of regulation that was adopted following crisis. “There is that reequilibrarla”, insists president of JPMorgan Chase. But it is also not of those who rejoice when ors have problems. “Mistakes are a way of learning,” she said, speaking of scandal of accounts ghost at Wells Fargo.

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And n re is phenomenon of virtual currencies. The banker most powerful of united States believes that bitcoin is, literally, a “fraud” and warns that it will eventually blow up. “Is pure speculation”, he says. That is why ensures that it will take “a second” to fire any employee who makes investment operations on behalf of bank with currency: “it Is stupid and very dangerous.”

The explanation is very simple: coins have a legal support of governments that create m. “For it created a central bank and so y know who has it, where you are and where you're going”, he adds. “There are governments that see bitcoin as a novelty,” notes referring to technology that supports it, similar to that used by such entities as own JPMorgan to reduce costs in its transactions.

His comments contrast with those of some well-known figures in Wall Street, however, see it as an opportunity. It is case of Bill Miller, or Tom Lee, Fundstrat, who see it appreciate to $ 6,000. Jamie Dimon believes that you may have felt your adoption to countries such as Venezuela, Ecuador or North Korea. “There is No way that may be necessary in U.S.,” he insists.

China, he said, is closing platforms of change. “I do not say that betting in this moment against her,” she says, “because you can still add $ 1,000 more before you fall”. “My daughter bought Bitcoin, went up, and now thinks he is a genius,” he quipped. The virtual currency has appreciated by 335% this year. This Tuesday is changed to nearly 4,200 dollars before Dimon made comment. After it lost 2.5%.

Bubble

That price, insists banker, “is not real”. Is more, consider that you are faced with a fraud greater than scam of tulip bulbs, considered first great speculative bubble which, when flower became an object of desire in Seventeenth century. “This can't end well”, he concluded. Dimon made se comments in context of two conferences held in New York.

it Is greatest attack against this coin decentralized. The Friday came to its maximum value, change to more than 5,000 dollars. But it is very volatile and depreciated by blow after riding veto of chinese authorities, because y consider it illegal. The big rival of Bitcoin, such as Er, also fell by comments of Dimon, who associated se virtual coins with criminal activities.

Chamath Palihapitiya, one of big investors in digital currency, believes that Jamie Dimon is wrong and used to justify same argument. Bitcon was created to limit control of governments over ir currency and that is precisely its power. “The genie is out of lamp,” he said in response to banker, in reference to as technological innovation is changing finance.

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