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Bitcoin dropped as soon as Jamie Dimon called its traders "stupid"

13 September 2017

Dimon said he would not allow JP Morgan traders to trade bitcoin, noting that "it's against our rules and they are stupid".

"It's just not a real thing, eventually it will be closed", Dimon said Tuesday at the Delivering Alpha conference presented by CNBC and Institutional Investor. "It's a fraud" and "worse than tulip bulbs".

"Don't ask me to short it", he said.

Dimon said that if any JPMorgan traders were trading the crypto-currency, "I would fire them in a second, for two reasons: It is against our rules and they are stupid, and both are unsafe". "And both are risky", Dimon told the investors Tuesday.

In many ways, the Bitcoin run-up is similar to the surge in tulip prices in the Netherlands during the 17th century, one of the early bubbles studied by economists and explored in Paramount's "Tulip Fever", which opened in US movie theaters this month.

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Bitcoin Cash fell $23.69, or 4.27%, to $531.21, while Ethereum fell 3.13% to $287.91. Last week, it slumped after reports that China plans to ban trading of virtual currencies on domestic exchanges, dealing another blow to the $150 billion cryptocurrency market.

Tulip mania swept Holland in the 17th century, with speculators driving up prices of virtually worthless tulip bulbs to exorbitant levels. That didn't end well. "My daughter bought bitcoin, it went up and now she thinks she's a genius". "Someone is going to get killed", Dimon said at a banking industry conference organized by Barclays.

JPMorgan and many of its competitors, however, have invested millions of dollars in blockchain, the technology that tracks bitcoin transactions.

Dimon, repeating a statement he has made for a few years, said he wants to remain the bank's chief executive for another five years.

"If you're in Venezuela or Ecuador, or North Korea, you're better off probably using Bitcoin than using their currency", he said.

Bitcoin dropped as soon as Jamie Dimon called its traders