Published On: Thu, Sep 14th, 2017

Ex-JP Morgan Executive tells CEO to: “STFU about Bitcoin”

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Earlier this week CEO of JP Morgan, Jamie Dimon, called Bitcoin a “fraud”. Ex-JP Morgan executive, Alex Gurevich, advised the current CEO to “STFU about Bitcoin”.
Bitcoin a Fraud?

In a recent conference in New York the current CEO of the banking firm JP Morgan, Jamie Dimon, called the cryptocurrency Bitcoin a “fraud”. According to Dimon:
[Bitcoin is] only fit for use by drug dealers, murderers and people living in places such as North Korea.
He also added:
If you were in Venezuela or Ecuador or North Korea or a bunch of parts like that, or if you were a drug dealer, a murderer, stuff like that, you are better off doing it in bitcoin than US dollars. So there may be a market for that, but it would be a limited market.
The boss of Americas biggest bank also said that he would fire any JP Morgan trader that traded with Bitcoin. After the news about Dimon’s comments emerged, the cryptocurrency market reacted with a harsh price decrease of Bitcoin from $4700 to today’s $3571. Other cryptocurrencies like Ethereum and Litecoin also lost significant value.
“STFU about Bitcoin”

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