Home » Economy » Crypto – JPMorgan CEO Dimon: «Bitcoin is fraud» | News

Crypto – JPMorgan CEO Dimon: «Bitcoin is fraud» | News

Wednesday, September 13th, 2017 | Economy

In a speech at a investors conference in New York, Dimon said the digital currency would not work because it had come out of nothing. He predicted big losses for buyers of the currency. Bitcoin will end in a crash. If one of his employees were to deal with the crypt diet, he would immediately fire it. This has two reasons: on the one hand, it violates the bank's own rules and, on the other hand, such persons are stupid. Both were dangerous to the money house.
Bitcoin has often been in the limelight in the past few years – but mainly because of fraud allegations, exchanges and the suspicion of money laundering and terror financing. However, cyber money has been gaining in popularity for several months. The price of a bitcoin has quintupled since the beginning of the year. Bitcoin can be converted into cash at any time on certain exchanges. The digital currency was developed almost ten years ago by a person or group of persons under the pseudonym Satoshi Nakamoto.
However, the newspaper "Caixin" had reported on Friday that supervisory authorities of the country were considering the closure of trading platforms for foreign exchange such as Bitcoin. The price of the largest currency generated by computers slid by about five percent on the Bitstamp trading platform. On Tuesday he was trading at 4118 dollars. At the beginning of September Bitcoins had reached a record high of almost 5000 dollars.
According to the Chinese stock market, 90 percent of global cyclic currencies are traded on their platforms. There is no government or central bank for these currencies, so their price is determined solely by supply and demand. The money is generated by users whose computers calculate the extremely complex algorithms. Since the cyclic currencies can also be transferred quickly and anonymously around the world, they are particularly interesting for actors who want to escape capital controls.
(Reuters)

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