JPMorgan's CEO says he would fire traders who bet on 'fraud' bitcoin

New York

JPMORGAN Chase & Co CEO Jamie Dimon said he would fire any employee trading bitcoin for being "stupid". The cryptocurrency "won't end well", he told an investor conference in New York on Tuesday, predicting that it will eventually blow up. "It's a fraud" and "worse than tulip bulbs". If a JPMorgan trader began trading in bitcoin, he said, "I'd fire them in a second. For two reasons: It's against our rules, and they're stupid. And both are dangerous".

Bitcoin has soared in recent months, spurred by greater acceptance of the blockchain technology that underpins the exchange method and optimism that faster transaction times will encourage broader use of the cryptocurrency. Prices have climbed more than four-fold this year - a run that has drawn debate over whether that's a bubble.