JAMIE DIMON : Bitcoin is a fraud that's 'worse than tulip bulbs'
JAMIE DIMON
The cryptocurrency is âworse than tulip bulbs â  Dimon  said at a Barclays Conference on Tuesday  according to Bloomberg. Thatâs a reference to the arrival and boom of the tulip plant in 17th-century Europe. Its market boomed as people speculated on its price  and it all ended in panic selling.
 He  added that âitâs a fraudâ that would eventually blow up.
Bitcoin has rocketed more than 350% this year while exploding in popularity  particularly in Asia. This rally âwonât end well â  Dimon  said.
Most fund managers surveyed by Bank of America Merrill Lynch in September said that betting on its continued rise was the âmost crowdedâ trade.  Dimon  said  he  would fire any trader that transacted bitcoin for being stupid.
 Dimon  isnât alone in being sceptical of bitcoin. Robert Shiller  the Nobel-winning author who predicted the housing and tech bubbles  recently doubled down on  his  view that bitcoin is a bubble  telling Quartz it was the âbest example right nowâ of one.
The cryptocurrency is âworse than tulip bulbs â  Dimon  said at a Barclays Conference on Tuesday  according to Bloomberg. Thatâs a reference to the arrival and boom of the tulip plant in 17th-century Europe. Its market boomed as people speculated on its price  and it all ended in panic selling.
 He  added that âitâs a fraudâ that would eventually blow up.
Bitcoin has rocketed more than 350% this year while exploding in popularity  particularly in Asia. This rally âwonât end well â  Dimon  said.
Most fund managers surveyed by Bank of America Merrill Lynch in September said that betting on its continued rise was the âmost crowdedâ trade.  Dimon  said  he  would fire any trader that transacted bitcoin for being stupid.
 Dimon  isnât alone in being sceptical of bitcoin. Robert Shiller  the Nobel-winning author who predicted the housing and tech bubbles  recently doubled down on  his  view that bitcoin is a bubble  telling Quartz it was the âbest example right nowâ of one.