JP Morgan CEO publicly denounces Bitcoin as 'currency for criminals'

 While the rest of the world is racing to invest in cryptocurrencies such as Bitcoin and Ethereum, the boss of America’s largest bank believes that Bitcoin is a scam that is doomed to fail.

Jamie Dimon, the CEO of JP Morgan, shared his thoughts on cryptocurrency during a conference in New York, revealing that he would fire any of his workers found out to be trading or investing in Bitcoin.

“For two reasons: it’s against our rules, and they’re stupid," he said. "And both are dangerous.  The currency isn’t going to work.  You can’t have a business where people can invent a currency out of thin air and think that people who are buying it are really smart.”

Dimon’s opinion that Bitcoin will fail may be an unpopular one, but the CEO continued, saying:

“If you were in Venezuela or Ecuador or North Korea or a bunch of parts like that, of if you were a drug dealer, a murderer, stuff like that, you are better of doing it in bitcoin than US dollars.”

There may be some truth in Dimon’s words as Bitcoin did initially gain popularity in underground markets dealing with money laundering and online crime and for this reason no government has officially adopted the digital currency.

The declaration from one of America's biggest banks had a significant negative effect on the value of Bitcoin, which fell by six per cent on Wednesday.

Contributer : Techradar - All the latest technology news http://ift.tt/2x0L0ui