Economy

Bitcoin slides after Jamie Dimon bashes the cryptocurrency

Bitcoin slides after Jamie Dimon bashes the cryptocurrencyā€¯

He said he'd fire, on grounds of stupidity, any trader who traded it.

Here's some good news for lieutenants of JPMorgan Chase CEO Jamie Dimon: they could be the chosen one.

Dimon's comments come as the bitcoin, a virtual currency not backed by any government, has more than quadrupled in value since December to more than $4,100. Still, it's up over 350% this year.

Dimon gave the remarks during an appearance at an event hosted by Barclays, according to reports from Bloomberg and CNBC. The price peaked today at $4,368.22, and is now at $4,101.49. But the price of one bitcoin is still up an astonishing 335% this year.

In fact, the price of a bitcoin has fallen about 10% in the past week on worries about more regulations in China.

Speaking at an investor conference in New York, Dimon said, "The currency isn't going to work".

Dimon also alluded to the fact that bitcoins have been associated with criminal activities as well.

He said he wouldn't short bitcoin, because there is no telling how high it could go.



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