JAMIE DIMON: Bitcoin is a fraud that's 'worse than tulip bulbs'

Bitcoin Markets Insider

JPMorgan CEO Jamie Dimon says bitcoin is worse than the most infamous asset bubble in history. 

The cryptocurrency is “worse than tulip bulbs,” Dimon said at a Barclays Conference on Tuesday according to Bloomberg. He added that “it’s a fraud” that will eventually blow up.

Bitcoin has rocketed more than 350% this year as it grew more popular, particularly in Asia. This rally “won’t end well,” Dimon said.

The majority of fund managers surveyed by Bank of America Merrill Lynch in September said betting on its continued rise was the most crowded trade. Dimon said he would fire any trader that transacted bitcoin for being stupid.

Robert Shiller, the Nobel-winning author who predicted the housing and tech bubbles, recently doubled down on his view that bitcoin is a bubble.

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