Bitcoin is a fraud that will blow up

Bitcoin is a fraud that will blow up

"This is a scam", he assured, adding that a government may decide to put an end to it, because the public authorities like to have the hand on the currency.

The JPMorgan CEO's words were echoed by expert Zhou Wuying, who said that the skyrocketing price of Bitcoin in recent years is likely to undergo the economic bubble like Tulip mania in the Netherlands. "It's a fraud" and "worse than tulip bulbs".

The banking chief later likened it to the infamous tulip bulb market bubble from the 17 Century.

"It's just not a real thing, eventually it will be closed", Dimon said Tuesday at the Delivering Alpha conference presented by CNBC and Institutional Investor.

Bitcoin initially slipped after Dimon's remarks.

As reported by Bank of America Merrill Lynch, Bitcoin is today the most crowded trade in the world, in fact. Blockchain is the technology behind bitcoin.

Bitcoin's overall trend has been upward this year and has soared by more than 300%.

He points out that Dimon's firm is one of the chief architects of the global financial crisis that led to the interest in the cryptocurrency in the first place. It could be at £20,000 before it happens, but it will eventually blow up. Still, the cryptocurrency started to recover this week, reaching $4286 on Tuesday.

Other major cryptocurrencies are also being sold off in Asian trade. Recently, Burger King launched its new cryptocurrency.

An initial coin offering ICO is a means fundraising via the use of cryptocurrency in which a company attracts investors by releasing its own digital currency which can appreciate in value if the business is successful.

The fall in bitcoin has some wondering what other implications the drop could have.

Coinmama lets you buy bitcoins with your credit card or cash. I'm not sure if I would go so far as to call Bitcoin an outright fraud, but the hype has got me extremely wary. Get into Bitcoin Trading on the worldwide Bitcoin Exchange.

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