The CEO of JPMorgan Chase and Co., Jamie Dimon speaking against the steadily growing cryptocurrency, Bitcoin said, “Bitcoin is a fraud that will ultimately blow up.” He added the digital currency was only fit to be used by drug dealers, murderers and people living in places such as North Korea.
In the past couple of years, the digital currency has gained a lot of traction with a five fold increase in its price since the start of 2017. Bitcoin hit a record high price, close to $ 5000 at the start of the month and has been growing steadily ever since. First created in 2009, cryptocurrency can be defined as a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. But, according to Dimon, the currency will not work because people can’t invent a currency out of thin air and think that people who are buying it are smart. The CEO also threatened to fire any of his traders found to be trading in the digital cash. The banker also revealed his daughter had bought Bitcoins which saw a rise in value.
At a New York investor conference, Dimon argued that even if there was a market for Bitcoins, which emerged in the aftermath of the financial crisis, it would be a limited market which included drug dealers, murderers and people from places like Venezuela or Ecuador or North Korea. The digital currency allows people to bypass banks and traditional payment processes to pay for goods and services but has also been associated with money laundering and online crime. The value of Bitcoin, which quadrupled since December, fell by 5% after Dimon’s remarks.
So far, China and UK have criticized Bitcoins and cryptocurrencies. The Chinese government has banned the issuance of new digital coins for fundraising purposes such as Initial Coin Offerings (ICO) and reports suggest the Chinese authorities might ban the domestic exchange of bitcoins as well. Britain’s Financial Conduct Authority, on the other hand, issued an official warning on ICOs asking investors to be aware of the risks involved and be prepared to lose their entire stake.
Market analysts agree Bitcoin has been on an incredible run and many on Wall Street have also started to embrace cryptocurrency. Bitcoin has soared 315% this year and is expected to surge up to $6 000 by next year. Bitcoin is the original cryptocurrency which was created by Craig Steven Wright from Australia. Ethereum, Ripple and Litcoin are some of the other most common cryptocurrencies available in the markets today.
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