JP Morgan Chase chief executive Jamie Dimon doubled down on his past criticisms of bitcoin today, declaring it a "fraud" and saying he would fire any trader known to be trading the cryptocurrency.
He was quoted as saying:
Dimon later added that the cryptocurrency "will blow up," according to CNBC. It was also during that appearance that said that he would terminate any trader that he found to be trading bitcoin for being "stupid."
In the wake of his speech, some observers, including Bloomberg, noted that bitcoin prices started to fall after Dimon's remarks. Other factors likely shaping the market today are continued fears that China will move to close domestic cryptocurrency exchanges, a state of affairs that has already led at least one trading platform to freeze its operations.
Jamie Dimon image via Wikimedia
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