Cryptocurrency investment is 'stupid': JPMorgan CEO

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Bitcoin is a "fraud," according James Dimon, the chief executive officer of JPMorgan Chase - the largest of the "big four" American banks.

Dimon, speaking at a Barclays investment conference Tuesday, said he supported blockchain technology for tracking payments but that trading bitcoin itself was against the bank's rules.

The banking chief argued that the currency was worse than the tulip bulb craze of the 17th century and that someone was going to get killed over it. It won't end well. Dimon said he would fire any trader that transacted bitcoin for being stupid.

As well as being the preferred currency of traders selling illegal goods and services on the dark web, hackers behind ransomware attacks such as May's global WannaCry outbreak typically demand payment in Bitcoins. "It will blow up".

"I'd fire them in a second", he told the conference. "Two, it's stupid. And both are risky", said Dimon. This is not advice of what to do.

However, the banker revealed that his daughter had bought bitcoin: "It went up and she thinks she's a genius now". I'm not sure if I would go so far as to call Bitcoin an outright fraud, but the hype has got me extremely wary.

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Basel are making their eighth Champions League appearance, that's six more than any other Swiss club (Grasshopper, 2). I feel weaker without Fellaini in my squad. "If his conditions are improved, he will be selected, I need him".

When asked to comment on Bitcoin's rising value, the businessman said that despite the cryptocurrency's growth, "it will eventually blow up".

Dimon said he wasn't going to short the currency because it's so hard to predict when it will drop.

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. While the price has been gradually falling since then, the trajectory it has been on this year is nearly continuously in the upwards direction.

LocalBitcoins.com is a peer-to-peer bitcoin exchange, a site where you can list your own bitcoins for sale or buy bitcoins directly from other users.

This comes from Jamie Dimon, who was speaking at a banking conference in NY.

Digital currencies, also known as cryptocurrencies, have no material form and global currency regulation does not now apply to them.

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