Bitcoin is a fraud – said JP Morgan CEO Jaime Dimon

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The Bitcoin dropped 8% after JPMorgan’s CEO claimed it is a fraud

“It won’t end well, the Bitcoin will explode,” Jamie Damon said 3 days ago, sending the price of the digital currency below $4,000. Investors reacted nervously, Dimon words came from the background threats of the regulators in China to block all digital currency transactions and ICO’S.

 

The price of the Bitcoin fell below $4,000 yesterday, as investors continued to worry about the currency’s tightening by Chinese regulators and a sharp criticism of the digital currency by JPMorgan CEO Jamie Dimon.

Bitcoin fell to a low of 3,766.36 and was down 8.7%, according to “CoinDesk”. The devaluation came a day after JPMorgan CEO Jamie Damon called the currency a “fraud” and said, “someone is going to be killed.”

Damon’s critique was particularly unusual. “The madness around Bitcoin is worse than the tulip mania around the 17th century,” he said. “It won’t end well, someone is going to get killed.” Dimon said at a conference attended by bankers organized by Barclays. “The Bitcoin will explode.”

At its lowest level in trading in the past few days, the price of the Bitcoin lowered by over $1,500 less than the record high of $5,013.9 recorded on September 2. Bitcoin’s market capacity dropped down more than $15.5 billion since the beginning of the month, from $82.3 billion on September 2 to $66.7 billion today, according to “CoinMarketCap”.

Trading in Bitcoin was nervous today, partly due to recent reports of Chinese regulators’ intention to block large-scale transactions in Bitcoin and prevent fundraising for various projects using digital currencies.

Not only China is looking closely at the Bitcoin, the Reserve Bank of India has also announced that it is considering its moves on the matter.

 

What now?

The bitcoin is 23% down since its all-time high on September 2nd, is it drop time? is the Bitcoin is a pump and dump fraud?

We think differently. It is clear that Dimon is terrified of the fact that the digital currency markets are growing in hundreds of percentages each year which essentially, means a direct threat to his Bank. It is still not clear where the Bitcoin is headed in the next couple of weeks, but for the long term to those who believe in the digital currency revolution, the price now may be a good price for an entry point.

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