Thumbs Down for Bitcoin
J.P. Morgan Chase CEO, Jamie Dimon, has warned against trading in bitcoins, a cryptocurrency, and said that it is a “fraud” and would eventually blow up. Bitcoin is a virtual currency which has been gaining momentum lately. “The currency isn’t going to work. You can’t have a business where people can invent a currency out of thin air and think that people who are buying it are really smart,” Dimon said at a bank investor conference in New York. He also added that he would fire any employee trading in bitcoin as it is against the company’s rules.