Bitcoin and ethereum slide after JPMorgan Chase boss slams cryptocurrencies as “fraud”

JPMorgan Chase chief executive Jamie Dimon slammed cryptocurrencies as a “fraud” last night, pushing the already slipping value of Bitcoin down another notch.

Bitcoin hit a three-week low today following his remarks, dropping 5.6 per cent to $3,953, while ethereum dropped 4.81 per cent to $279.55.

Dimon said he would fire an employee who traded in cryptocurrencies for being “stupid”.

“I’d fire them in a second,” he said. “For two reasons: It’s against our rules, and they’re stupid. And both are dangerous.”

Speaking at an event hosted by Barclays, the banking boss said: “It’s just not a real thing, eventually it will be closed”, according to reports on Bloomberg and CNBC.

Source: City.A.M

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