Bitcoin is a fraud that will blow up

Bitcoin Liquidity

But not everybody is on board. His comments are sure to spark heated debate. The total cryptocurrency market capitalisation has dropped to $138.5 billion. This can help, for example, by bringing down costs for transferring money across borders.

Mr. Dimon's warning triggered a further 11-per-cent collapse in the price of bitcoin, which had already lost around 15 per cent of its value in 10 days.

It was revealed in a Vanity Fair piece last week that JPMorgan Chase paid out $13 billion to the U.S. government because of its role in the financial crisis and the mortgage security fiasco that nearly destroyed the USA economy.

The CEO of JPMorgan, Jamie Dimon, called bitcoin a fraud while speaking at a bank investor conference in NY on Tuesday.

Dimon, however, isn't the only figure warning about the bitcoin bubble; United Kingdom financial watchdog the Financial Conduct Authority issued a striking warning today to those investing in cryptocurrencies. "Someone is going to get killed", As history goes, the tulip bulbs have been a big market bubble in the late 1600's and Dimon fears that history will repeat itself with this ungoverned new technology in currencies, also known as cryptocurrencies. He also said that he would immediately fire any employee at the investment bank that he found to be trading in Bitcoin. This was because it is against the company's rules, and "they are stupid". "And both are unsafe", Dimon told the investors Tuesday. He added that he had no problem with blockchain technology, but that its use "won't happen overnight".

At the time of writing, the price of a single bitcoin is approximately £2,994 ($4,000) however that number fluctuates on a daily basis.

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During an even hosted by Barclays, based on the information from Bloomberg and CNBC J Dimon did announce out his feelings for Bitcoin.

According to some estimates the ICO market volume climbed to $150 billion (£133 billion).

"It is worse than tulip bulbs". That didn't end well.

"Currencies have legal support".

This currency crypto "is not going to end well", said Mr. Dimon, during a conference on finance in NY. He has cited the recent clampdown in China as evidence to back up his claims, concluding "governments like to control their money supply". However, many countries hold different attitudes toward Bitcoin. That is why the cryptocurrency market is limited.

Gundlach said he did not have a view on bitcoin, but that he was concerned it could be more vulnerable to manipulation than enthusiasts admit. "It's a fraud and honestly I'm just shocked anyone can't see it for what it is".

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