Bitcoin is a ‘fraud’ that will eventually blow up: Jamie Dimon
Leveling a harsh criticism about bitcoin, JP Morgan Chase CEO Jamie Dimon said the controversial cryptocurrency is nothing more than a fraud. At the Delivering Alpha conference on Tuesday, Dimon compared the quick ascent of bitcoin with the 17th century mania over tulip bulbs, which is viewed as a classic, textbook bubble. He predicted that the digital currency might end just as badly for investors as the mania over tulip bulbs had ended.
However, he stressed that he was not suggesting investors to immediately sell off their bitcoins.
Speaking on the topic, he said, “It's just not a real thing, eventually it will be closed. I'm not saying 'go short bitcoin and sell $100,000 of bitcoin before it goes down. This is not advice of what to do. My daughter bought bitcoin, it went up and now she thinks she's a genius.”
It is interesting to note here that some well-known figures on Wall Street, including Fundstrat’s Tom Lee and value investor Bill Miller have spoken in favor of bitcoin.
In wake of Dimon’s comments, bitcoin suffered a decline of 6 per cent to $3,902 in New York.
A Translational Pharmaceutics stage, Quotient Clinical connoting its new personality to Quotient Sciences resulting acquirements of SeaView Research, QS Pharma, and Co-Formulate.
Intelligent and connected vehicles are turning into the Chinese business' specialty in the new automotive era. TuSimple Inc. reveals demonstrates minds-off automated driving using two modified trucks in Shanghai.
Well-known for its technology innovation, China region unveiled the first picture of the hypersonic strike airplane that is being created to convey atomic warheads through U.S. rocket protections. The pictures of four distinct rockets that U.S.
New York-based broad communications partnership, Time Inc. uncovered another advanced stage called Time Inc. Latino. Through its new computerized stage Time conveys exceptional access to the U.S. Hispanic group of viewers.
Chinese Multinational Telecommunication Equipment company, ZTE corporation officially released TECS 6.0. The company released the new generation cloud platform at the OpenStack Summit Sydney.
German-based, multinational open-source software company SUSE combines Cloud Foundry and Kubernetes to accelerate application delivery, which also helps to increase business agility.