Dimon calls bitcoin ‘a fraud’ and may have delivered the biggest blow to the digital

By Anora Mahmudova | Marketwatch

J.P. Morgan Chase & Co. boss Jamie Dimon just leveled one of the harshest criticisms about bitcoin and the broader digital-currency sector to date.

Speaking at a banking industry conference organized by Barclays BCS, +3.16% Dimon compared the rapid ascent of bitcoin with the 17th century mania over tulip bulbs—viewed as a classic, textbook bubble—and predicted that things may end just as badly for investors in the decentralized currency, which has been surging over the past year.

“Bitcoin will eventually blow up. It’s a fraud. It’s worse than tulip bulbs and won’t end well,” Dimon said.

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