Bitcoin Tumbles After Jamie Dimon Calls It A Fraud: “Would Fire Anyone Trading It”

Tuesday, September 12, 2017
By Paul Martin

by Tyler Durden
ZeroHedge.com
Sep 12, 2017

Surprised by the sudden air pocket below bitcoin? Curious if this was caused by some new, unconfirmed Chinese crackdown on bitcoin traders, exchanges, and other money laundered? No, the answer is Jamie Dimon, who in a angry outburst during the same conference in which he preannounced JPM’s 20% trading revenue drop, lashed out at the crypto currency, calling it a fraud, “worse than tulip bulbs”, says it “won’t end well” and will “eventually blow up”, and that “any trader trading bitcoin” will be fired for being stupid.

DIMON: BITCOIN IS A FRAUD
DIMON: BITCOIN IS WORSE THAN TULIP BULBS
DIMON: BITCOIN WILL EVENTUALLY BLOW UP
DIMON: BITCOIN WON’T END WELL
DIMON: WOULD FIRE ANY TRADER TRADING BITCOIN FOR BEING STUPID
But how does Jamie really feel? Of course, if “a trader” bought $100,000 of Bitcoin several years ago, they would now be richer than Jamie, but that’s another story.

What is more surprising, is that bitcoin actually reacted to this outburst by the JPM CEO, sliding sharply, and dragging the entire cryptocurrency space with it. Or perhaps not surprising at all as hundreds of volatility-starved JPM traders quietly liquidated their accounts moments after hearing Dimon’s threat:

The Rest…HERE

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