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Jamie Dimon Isn't Done Bashing Bitcoin, Says It Is 'Worth Nothing'

Jamie Dimon Isn't Done Bashing Bitcoin, Says It Is 'Worth Nothing'

JPMorgan Chase & Co. (NYSE: JPM)'s CEO Jamie Dimon could be considered by some as bitcoin's harshest critic. The bank executive said during CNBC's Delivering Alpha conference last week that the digital currency is a "fraud" and suggested that it is loved by criminals because of its anonymity.

On Friday, Dimon double downed on his uber-bearish stance on bitcoin during an interview with CNBC-TV18 in India. Bitcoin, along with other cryptocurrencies including Ethereum, are creating "something out of nothing that to me is worth nothing."

In fact, cryptocurrencies are a "novelty," and anyone who thinks they have value or will be vital to the future of how economies operate are wrong, he continued. The opposite could prove to be true as governments worldwide will crack down on digital currencies with the threat of imprisonment.

One of the main appeals for bitcoin and other digital currencies is their perceived convenience and ability to move across the world in transactions efficiently and quickly. But many people forget or aren't aware that JPMorgan alone "moves $6 trillion around the world every day very efficiently, very quietly, very effectively and very cost efficient."

Bottom line, bitcoin and other digital currencies will "end badly" since it is in essence money created "out of thin air" without the support of any one government.

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