{"id":58611,"date":"2017-09-14T17:46:13","date_gmt":"2017-09-15T00:46:13","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=58611"},"modified":"2017-09-14T17:48:53","modified_gmt":"2017-09-15T00:48:53","slug":"jp-morgan-chief-calls-bitcoin-a-fraud-that-will-crash-and-burn","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/jp-morgan-chief-calls-bitcoin-a-fraud-that-will-crash-and-burn\/","title":{"rendered":"JP Morgan Chief Calls Bitcoin a \u2018Fraud\u2019 That Will Crash Like 17th Century Tulips"},"content":{"rendered":"

Is Bitcoin a virtual bubble that\u2019s about to burst, or a dependable safe haven that can withstand market turbulence and economic uncertainly?<\/p>\n

\"Jamie
Jamie Dimon, chairman, president and CEO of JP Morgan, predicts a crash for bitcoin, comparing its rise to the \u201ctulip-mania\u201d of 17th century Holland. (Image: CNN Money)<\/figcaption><\/figure>\n

Opinion is unquestionably divided, but the head of one of the world\u2019s biggest banks is emphatic that the digital currency that\u2019s been skyrocketing up is certain to come crashing down.<\/p>\n

At a Barclay\u2019s global finance conference in New York on Wednesday, Jamie Dimon, Chairman and CEO of JP Morgan Chase, slammed the digital currency as a \u201cfraud\u201d and \u201cworse than tulip bulbs,\u201d referring to the \u201ctulip mania\u201d of 17th<\/sup> century Holland, when the price of the flowers reached irrational highs before crashing with devastating consequences.<\/p>\n

Cryptocurrency Skeptics<\/h2>\n

The tulip phenomenon has been described as a kind of rare \u201csocial mania,\u201d and, to Dimon, Bitcoin is no different.<\/p>\n

\u201cDon\u2019t ask me to short it,\u201d Dimon said. \u201cIt could be at $20,000 before this happens, but it will eventually blow up. Honestly, I am just shocked that anyone can\u2019t see it for what it is. You can\u2019t have a business where people invent a currency out of thin air and think that people who are buying it are really smart.\u201d<\/p><\/blockquote>\n

Dimon acknowledged, however, that even his daughter thinks he is missing something, as she bought some bitcoin and has profited handsomely. \u201cIt went up and she thinks she\u2019s a genius now,\u201d he said.<\/p>\n

\n

Of course, Dimon sees cryptocurrency more as the financial tool of sinister global criminals, and not investors and gamblers who treat their digital cash like gold.<\/strong><\/p>\n<\/div>\n

\u201cIf you were in Venezuela or Ecuador or North Korea<\/a> or a bunch of parts like that, or if you were a drug dealer, a murderer, stuff like that,\u201d he said, \u201cyou are better off doing it in bitcoin than US dollars. So, there may be a market for that, but it would be a limited market.\u201d<\/p>\n

Bitcoin vs. Paper Money<\/h2>\n

Yann Quelenn, an analyst at the online bank Swissquote, had a different explanation, telling the Guardian<\/em> that cryptocurrencies were \u201ca new asset class\u201d and one that was \u201cat war\u201d with paper money.<\/p>\n

\u201cCentral banks are keen to preserve their monopoly on money, something they will not let go of without a fight,\u201d Quelenn said.<\/p><\/blockquote>\n

Plenty of analysts who disagree with Dimon were quick to point out that cryptocurrencies haven\u2019t needed to be bailed out by the US government, as his bank has. To some, Bitcoin carries a \u201csafe haven\u201d element of value in an increasingly turbulent world.<\/p>\n

Bitcoin was created in 2008, as a global recession was just starting to take hold. It came at a time when mistrust of central banks and national currencies was at its height. Its stratospheric growth<\/a>, however, only has occurred in the past couple years, and to some extent has been driven now by media hype as much as geopolitical tensions around the world.<\/p>\n

Some suggested that Dimon, symbolizing the financial establishment, has a vested interest in belittling Bitcoin, which saw its biggest drop in value after Dimon\u2019s comments went viral.<\/p>\n","protected":false},"excerpt":{"rendered":"

Is Bitcoin a virtual bubble that\u2019s about to burst, or a dependable safe haven that can withstand market turbulence and economic uncertainly? Opinion is unquestionably divided, but the head of one of the world\u2019s biggest banks is emphatic that the digital currency that\u2019s been skyrocketing up is certain to come crashing down. At a Barclay\u2019s […]<\/p>\n","protected":false},"author":42,"featured_media":58612,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,19,1],"tags":[],"acf":[],"yoast_head":"\nJP Morgan Chief Calls Bitcoin a \u2018Fraud\u2019 That Will Crash and Burn<\/title>\n<meta name=\"description\" content=\"Jamie Dimon, head of JP Morgan Chase, believes Bitcoin is heading for a crash. 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