Jamie Dimon, CEO of JPMorgan Chase bank, has expanded on his recent criticism of bitcoin, warning “it will end badly” for the tech.
Dimon told CNBC he is concerned about a flood of cryptocurrencies – thanks to bitcoin, ethereum and initial coin offerings (ICOs) – and that governments will soon crackdown on the phenomenon.
Predicting that the scenario will not be pretty, the CEO reportedly stated that authorities will eventually threaten users will imprisonment, forcing the cryptocurrencies onto a black market.
He told CNBC:
“Right now these crypto things are kind of a novelty. People think they’re kind of neat. But the bigger they get, the more governments are going to close them down,”
Speaking to the Economic Times in India, Dimon added some more detail to his thoughts, saying: “We already have digital currencies … you can have digital rupee, so I am not against digital currencies.”
“I am talking about the creation of money and value out of thin air,” he continued. “Governments now look at it like it’s a novelty but the bigger it gets the less of a novelty it becomes.”
This follows a statement made by Dimon last week that bitcoin is a “fraud” and that he would fire any employee for trading it. The statement garnered such attention that Dimon is now being accused of spreading false and misleading information in a market complaint by Blockswater, a company in Sweden.
Dimon image via Flickr
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