Economy

Bitcoin slides after Jamie Dimon bashes the cryptocurrency

Bitcoin slides after Jamie Dimon bashes the cryptocurrency”

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.



Like this

loading...
loading...

Latest


13 September 2017
U.S. revises draft United Nations sanctions proposal on North Korea
The WannaCry virus initially demanded victims pay a ransom in bitcoin, yielding more than $140,000. The actions are expected in the coming weeks, they said without identifying the companies.

13 September 2017
Hot Stocks For Today: HSN, Inc. (HSNI), Exelixis, Inc. (EXEL)
The biotechnology company reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.02. The company's shares were given away at $21.58 per share worth to an income of some $711,881 on account of Feldbaum Carl B.

13 September 2017
Philippe Coutinho 'available' for Liverpool against Sevilla - Jurgen Klopp
He's brought in the players he wanted and this is the time for him to show the team is ready to face everything. Coutinho could be involved when Liverpool host Sevilla in the Champions League on Wednesday night.

13 September 2017
Owens-Illinois, Inc. (NYSE:OI) Analyst Coverage
Investors might also notice that two months ago the Buy recommendations (0) were less than Sell recommendations (0). Ameriprise Financial holds 0.03% of its portfolio in SM Energy Co (NYSE:SM) for 1.43 million shares.

13 September 2017
Michelle Connor in deadly danger as she discovers Will is her stalker
But he's left furious when he follows her to the prison and finds her visiting Robert, realising they haven't split. Taking the opportunity to comfort an emotional Michelle, Will offers to take her back to his house for a drink.

13 September 2017
Why Tom Cruise feels "betrayed" by Katie Holmes' new relationship
After three years of courtship, Katie Holmes and Jamie Foxx no longer hide their love in the eyes of all. And if the two lovebirds seem very happy, for his part, Tom Cruise's displeasure is most ardent.

13 September 2017
New Analyst Ratings On Horizon Pharma, Inc. (NASDAQ:HZNP)
First Allied Advisory Serv Incorporated holds 0.05% or 16,903 shares in its portfolio. 19,577 were accumulated by Fulton Bank Na. It has underperformed by 15.01% the S&P500.The move comes after 8 months negative chart setup for the $276.55 million company.

13 September 2017
How long before all power is restored in the Midlands?
At the peak, almost 50,000 customers were without power in the Midlands between SCE&G and the Electric Cooperatives of SC . That number had dropped to 13,000 SCE&G customers and 3,572 Mid-Carolina Electric Cooperative customers.

13 September 2017
Dennis Rodman offers to 'straighten things out' between Trump & N. Korea's Kim
It's just amusing the fact that me saying something like that, and people say, "oh my God, Dennis Rodman protecting the marshal of North Korea"...

12 September 2017
UnitedHealth Group Incorporated (UNH) Shares Bought by Comerica Securities Inc
D E Shaw And Communication Inc holds 0.01% of its portfolio in Coherus Biosciences Inc (NASDAQ:CHRS) for 136,458 shares. UnitedHealth Group Incorporated has 968.91 million shares outstanding, and in the last trade has seen ATR around 1.97.