Bitcoin not to end well: JP Morgan Chase CEO

14 September, 2017, 01:16 | Author: Delbert Rhodes
  • Screen Shot 2017 09 12

But the long-term prospect of the cryptocurrency is not strong, according to Jamie Dimon, CEO of JPMorgan.

Dimon said that if one of his JPMorgan workers would trade Bitcoin, he would have fired him "in a second for two reasons".

Mr. Dimon told an investor conference in NY that if any of his traders were found trading bitcoin he would "fire them in a second", and that bitcoin was "worse than tulips bulbs", referring to a famous market bubble from the 1600s. Speculators drove the prices of tulip bulbs to astronomic levels, some scholars claim as much as ten times an annual skilled worker's salary for a single bulb. It won't end well. "It will blow up".

If you're going to own Bitcoin, keep it to a tiny part of your investable assets - less than 1% - and be aware that it's not governed by securities laws so you have minimal legal protection if you get taken advantage of by unscrupulous dealers. In early NY trading on Wednesday, bitcoin traded at 3818.50 dollars, down almost 8 percent from the previous session. The investors and traders do not know what to expect next from them and with the Chinese being the largest investors in bitcoin and ICOs, it is indeed a time for a lot of risk and uncertainty in this market. He added that bitcoin was "stupid" and "far too risky".

Chief Executive Officer Jamie Dimon came out with guns blazing Tuesday at the Delivering Alpha conference.

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"I'm not saying 'go short bitcoin and sell $100,000 of bitcoin before it goes down", he said. Bitcoin prices have risen more than four-fold this year, prompting debate over its exposure to an economic bubble. Dimon made these comments within the framework of two conferences held in NY.

Voicing his shock that so many investors have been unable to see Bitcoin for what it is, he forecast the currency will "eventually blow up", but said its value could soar as high as $20,000 (€16,688) before that happens.

The JPMorgan CEO's words were echoed by expert Zhou Wuying, who said that the skyrocketing price of Bitcoin in recent years is likely to undergo the economic bubble like Tulip mania in the Netherlands.

Bitcoin is now seen as a good investment by many speculators, as it possesses advantages, including decentralization, non-duplication, and low processing fees. 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. "It went up and she thinks she's a genius now", he said.

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