comscore JPMorgan CEO would fire traders who bet on ‘fraud’ Bitcoin | Honolulu Star-Advertiser
Business

JPMorgan CEO would fire traders who bet on ‘fraud’ Bitcoin

  • NEW YORK TIMES

    Racks of Bitcoin mining machines line the shelves at a Chinese server farm in 2016.

JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said he would fire any employee trading bitcoin for being “stupid.”

The cryptocurrency “won’t end well,” he told an investor conference in New York today, predicting it will eventually blow up. “It’s a fraud” and “worse than tulip bulbs.”

Bitcoin has soared in recent months, spurred by optimism that faster transaction times will hasten the spread of the cryptocurrency — a run that has drawn debate over whether it’s a bubble. Bitcoin’s price fell after Dimon’s remarks.

Tulip mania swept Holland in the 17th century, with speculators driving up prices of virtually worthless tulip bulbs to exorbitant levels. That didn’t end well.

Click here to see our full coverage of the coronavirus outbreak. Submit your coronavirus news tip.

Be the first to know
Get web push notifications from Star-Advertiser when the next breaking story happens — it's FREE! You just need a supported web browser.
Subscribe for this feature
Comments (0)

By participating in online discussions you acknowledge that you have agreed to the Terms of Service. An insightful discussion of ideas and viewpoints is encouraged, but comments must be civil and in good taste, with no personal attacks. If your comments are inappropriate, you may be banned from posting. Report comments if you believe they do not follow our guidelines.

Having trouble with comments? Learn more here.

Scroll Up