Jamie Dimon says bitcoins will “end badly”

Published on: 22 Sep, 2017

According to CNBC, JPMorgan Chase & Co. (NYSE: JPM) Chief Executive Jamie Dimon has already expressed his position about bitcoin before, but now he is warning those who use cryptocurrencies that the government will shut them down if they get too large.

"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 said during an interview with CNBC-TV18 on Friday.

Dimon thinks once the government cracks down on cryptocurrencies, it’ll possibly become illegal in the future and lead to possible imprisonment for usage of them. Eventually, cryptocurrencies will become a black market.

Earlier in September, Dimon said that cryptos were a “fraud” and that it’ll be shut down soon. Following Dimon’s comments, along with others, the price for one bitcoin fell from around approximately $4340 to lower than $3000 in the days after his comments.

Dimon also criticized the crypto about how it’s not a government formed and regulated type of currency.

"With central banks, (the money) says legal tender: you have to take this as payment. It's very cheap to do, it's very easy to move back and forth. JPMorgan moves $6 trillion around the world every day very efficiently, very quietly, very effectively and very cost efficient," he said, "Creating money out of thin air without government backing is very different from money with government backing."

Although, Dimon does recognize the blockchain technology and says that there’s many potential uses for it.

"It's creating something out of nothing that to me is worth nothing," he said. "It will end badly."

Bitcoin peaked at $3,748.71 and dropped down to a low of $3,519.07 on Friday.

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Marco Zhou

Email: Marco@financialinsiders.com

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