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JPMorgan CEO Says “Bitcoin Is A Fraud”


This statement has added more fuel to the existing clouds of uncertainty which are surrounding the world’s biggest crypto currency. Currently, Bitcoin is trading at $3,870, which is a lot less as compared to the all-time high of $5,000 on September 2.

In the latest developments, after Dimon’s statement, Bitcoin price has suffered losses up to 11%. At the conference, he added that it’s worse than tulip bulbs. “It won’t end well. Someone is going to get killed,” he added. He supported his argument by saying that currencies have legal support.
The views of an investment bank are surely affecting the prices, but it should be kept in mind that such organizations have already been critical of crypto currencies.
According to Bitcoin news website CoinDesk, such statements have become common and more stocks market experts have been comparing stock market bubbles and Bitcoin. CoinDesk also predicts that the prices are looking to reach $3,000.

This prediction, combined with the rumors that Chinese government is shutting down its Bitcoin exchanges, is causing a continuous drop in the Bitcoin price. On the other hand, the Chinese authorities haven’t made the situation clear. However, the experts have said that a ban won’t be feasible in long run.
The Chinese government has already banned ICOs and called them illegal. The companies have also been instructed to issue a refund to the investors.
In another related development, India central bank, The Reserve Bank of India, is carrying out cryptocurrency research, according to The Economic Times. The organization is looking at fiat cryptocurrencies for the digitization of the rupee.

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