JPMorgan Chase CEO, Jamie Dimon, is condemning bitcoin further, threatening that governments will terminate cryptocurrency if they flourish.
“Right now, these crypto things are kind of a novelty. People think they’re kind of neat. But the bigger they get, the more governments are going to close them down.”
Dimon cautioned that authorities will control cryptocurrency by intimidating anyone who accepts or sells bitcoin with imprisonment.
“It’s creating something out of nothing that to me is worth nothing,” he said. “It will end badly.”
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Dimon did compliment the blockchain, the technology supporting bitcoin.
“Blockchain is a technology that can be used for multiple things, including cryptocurrency. It could be used for digital dollars, and there are digital dollars already; a lot of the dollars held in our bank are digital,” he said.
As you may recall, Dimon attacked bitcoin earlier this month calling cryptocurrency a “fraud.”
Dimon’s remarks received criticism from copious bitcoin investors and experts.
“Jamie ‘Demon’, as I like to call him, of JPMorgan came out and said bitcoin was a fraud. Three days later, it was shown that JPMorgan was buying up a ton of bitcoin in the marketplace,” said Jeff Berwick of The Dollar Vigilante in an interview with Luke Rudkowski of We Are Change.
“He was saying that to get the bitcoin price down. I think they’re buying it because they’re realizing they can’t stop it, it’s going to be huge, it’s going to go up in value tremendously, and they’re trying to figure out how they can take advantage of it or how they can control it – but the real deal is they can’t.”
Meanwhile, Blockswater, an algorithmic liquidity provider for blockchain-based assets in Sweden, has filed a market abuse complaint on Dimon and JPMorgan.
Blockswater claims Dimon intentionally spread dishonest and misleading information.