Jamie Dimon, CEO JP Morgan set off a cryptocurrency market slide when he called Bitcoin a “fraud” that would “blow up,” earlier this week at a conference. The price of Bitcoin – already slumped over 10 percent after the reports emerged that China may ban cryptocurrency – and it further dropped to $3,848 after the Dimon’s remarks.
This isn’t the first time that Dimon declared Bitcoin dead; in 2015 he said there was no way a government would allow Bitcoin to challenge local currency. At that time, Bitcoin was worth $334.
While the news out of China, including a ban on ICOs, continue to shaking confidence, even Dimon admits that the technology behind Bitcoin, blockchain, isn’t going anywhere.