Jamie Dimon Kicks Bitcoin Where It Hurts

Bitcoin dropped as soon as Jamie Dimon called its traders “stupid”

Bitcoin dropped as soon as Jamie Dimon called its traders “stupid”

In a separate conference earlier Tuesday, Dimon said bitcoin mania is reminiscent of the tulip bulb craze in the 17th century. A long-time critic of bitcoin - he said that the cryptocurrency "will not survive" back in November 2015 when the price was fluctuating around the $400 level - Dimon aimed his remarks at the activity in the world's cryptocurrency markets and echoed those who've said that they're in bubble territory.

Bitcoin's price fell as much as 4 percent following Dimon's comments and was last trading at $4,164. Faster transaction times and generally increased acceptance of the blockchain technology used to exchange cryptocurrency has seen several high-profile investors including Mark Cuban, John McAfee and even actress Gwyneth Paltrow. For two reasons: It's against our rules, and they're stupid.

CBOE has applied with US regulators to launch a bitcoin futures contract and a bitcoin exchange traded fund on its venues. He added that "it's a fraud" that would eventually blow up. "Someone's going to get killed and then the government's going to come down..."

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

It should be noted that Dimon has always been bearish on bitcoin, likely because JPMorgan, for years, has attempted to build digital currencies that would rival it.

The supply of bitcoin is meant to be limited to 21 million, but there are clones of the virtual currency in circulation which have made the market for it more volatile.

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One place where cryptocurrencies and traditional finance are coming together is at CBOE Holdings Inc., the owner of the Chicago Board Options Exchange.

Bitcoin has been steadily rising over the previous year.

CBOE's chairman and CEO, Ed Tilly, defended such efforts after Dimon's remarks. Believers can bet on its rise, and Dimon is welcome to take the other side, he said.

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