Left Hook To Bitcoin Price from the Head of JPMorgan

Left Hook To Bitcoin Price from the Head of JPMorgan

Speaking at a banking conference in New York, Jamie Dimon - chief executive of JPMorgan - has dismissed the cryptocurrency Bitcoin as a fraud that will blow up.

The biggest reason for their current fears have been several media reports that suggested regulatory authorities in China are looking into shuttering some of the bitcoin exchanges there. This phrase is something of a shorthand for an economic bubble, a situation where an asset's price is far higher than its intrinsic value.

"It's worse than tulip bulbs".

Well, it ain't Jamie Dimon, but there's another heavy hitter at JPMorgan Chase & Co. who isn't a fan of cryptocurrencies. Banks and other financial institutions have been concerned about bitcoin's early associations with money laundering and online crime.

Dimon's logic was that Bitcoin would eventually come into competition with central bank-backed currencies and be shut down by governments.

At the Delivering Alpha conference presented by CNBC and Institutional Investor on the same day, Dimon continued to bash bitcoin, CNBC noted.

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The Super Conference covers three days and includes an optional "beginners track", which is a crash course for those who are new to the cryptocurrency and blockchain industry.

Dimon also joked about his daughter buying Bitcoin this year saying, "I'm not saying 'go short Bitcoin and sell $100,000 of Bitcoin before it goes down", he said.

The bitcoin price fell nearly 5.6% to $3,953. He justified this by citing the recent moves of the Chinese government in closing down Bitcoin and cryptocurrency exchanges in the country. The best argument he's heard, he said, is that it can be useful to people in places with no other options - so long as the supply of coins doesn't surge.

Dimon also iterated that the only people who would invest on Bitcoin are murderers, drug dealers, and people living in parts of North Korea, Ecuador, and Venezuela.

Gundlach said he did not have a view on bitcoin, but that he was concerned it could be more vulnerable to manipulation than enthusiasts admit.

CBOE's chairman and CEO, Mr Ed Tilly, defended such efforts after Mr Dimon's remarks. "We're happy to be the ones in the middle".

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