Last week, JPMorgan Chase CEO Jamie Dimon caused Bitcoin to plummet in value when he called the cryptocurrency a "fraud" and "worse than tulip bulbs."
Once again on Friday, Dimon criticized Bitcoin and other digital currencies. This time, he called them a "novelty" and said they are "worth nothing" during an interview with CNBC-TV18 in New Delhi, India.
Dimon has warned that governments will eventually crack down on cryptocurrencies and will attempt to control them by threatening anyone who buys or sells Bitcoin with imprisonment. That scenario, he says, would force digital currencies into becoming a black market.
Despite Dimon's recent criticism of Bitcoin it seems JP Morgan's customers disagree with Dimon's recent take on Bitcoin. In Europe, XBT, the currency code for Bitcoin, has seen increased buying from JPMorgan as a broker. Nordnet, a public record, shows that JPMorgan Securities and Morgan Stanley have invested close to 3 million euros in XBT shares.
Source: Bloomberg Pro Terminal
Junior Trader Stefan Panteleev
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