JPMorgan CEO Jamie Dimon says bitcoin is a fraud

JPMorgan Chase CEO Jamie Dimon took a shot at bitcoin, saying the cryptocurrency “is a fraud.”

“It’s worse than tulip bulbs. It won’t end well. Someone is going to get killed,” Dimon said at a banking industry conference organized by Barclays. “Currencies have legal support. It will blow up.”

Bitcoin fell to trade around its session lows after Dimon’s comments. As of 2:05 p.m. in New York, bitcoin traded at $4,154.04, down 0.8 percent.

Dimon’s comments came at a time when some of the most well-known figures on Wall Street started to embrace the cryptocurrency. Fundstrat’s Tom Lee said he sees bitcoin surging to $6,000 next year and investing legend Bill Miller reportedly owns bitcoin.

Even Dimon’s own bank, JPMorgan, has reportedly begun a trial project using blockchain as it tries to cut trading costs. Blockchain is the technology behind bitcoin.

Bitcoin has already soared 315 percent this year.

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