JP Morgan CEO Jamie Dimon calls Bitcoin a fraud.
Bitcoins have captured the imagination of everyone. Even people who have never invested in stock markets have started talking about the crypto currency. Bitcoins are the talk of the town right from college students to diamond brokers to housewives.
If the whole world is talking about Bitcoins then how can CEO of a top notch investment bank miss it? Bitcoins crashed recently after JP Morgan Chase CEO Jamie Dimon called it a fraud.
“It’s worse than tulip bulbs. It won’t end well. Someone is going to get killed,” Dimon warned. Apart from this China also announced that it will shut down all the Bitcoin exchanges in the country.
This double whammy pushed Bitcoins from a high of 4,950$ on 2 September to a low of 2,950$ on 15 September. That’s a drop of 40% in a fortnight. Bitcoin has bounced back smartly from the lows but it’s nowhere close to the prior highs.
The price action for the last month or so has been too hot to handle for many. It’s exciting to see the price double or triple quickly. But it’s worse when it falls forty percent in a fortnight.
