Published on September 13th, 2017 | by bitcoin0
JP Morgan’s Dimon Calls Bitcoin a Fraud, It Falls Nearly 12%
continues to slide Wednesday as uncertainty and criticism mount
against the red-hot cryptocurrency.
The cryptocurrency was down over
9% on Wednesday morning, at $3,767 a coin, 11 days after
crossing the much-anticipated $5,000 threshold.
Bitcoin has fallen more than 11% since Jamie Dimon, the CEO of
bashed the cryptocurrency on Tuesday at the Barclays
Financial Services Conference, calling it “a fraud” that would
eventually blow up.
The 61-year-old banker and longtime critic of bitcoin also called
it “a terrible store of value”
in a 2014 interview with CNBC.
John Spallanzani, the chief macro strategist at GFI Group, told
Business Insider that Dimon’s remarks weren’t the only reason
bitcoin was under pressure on Wednesday.