Bitcoin “is a fraud” and will blow up, Jamie Dimon, chief executive of JPMorgan Chase & Co, said on Tuesday.
Speaking at an investor conference in New York, Dimon said, “The currency isn’t going to work. You can’t have a business where people can invent a currency out of thin air and think that people who are buying it are really smart.”
Dimon said that if any JPMorgan traders were trading the crypto-currency, “I would fire them in a second, for two reasons: It is against our rules and they are stupid, and both are dangerous.”
Dimon’s comments come as the bitcoin, a virtual currency not backed by any government, has more than quadrupled in value since December to more than $4,100.
Bitcoin is a digital currency that enables individuals to transfer value to each other and pay for goods and services bypassing banks and the mainstream financial system.
Dimon also said JPMorgan’s third-quarter trading revenue will be down about 20 percent from a year earlier, in line with analysts’ expectations.
(Reporting by David Henry and Anna Irrera in New York; Editing by Steve Orlofsky)
Harvard law professor Laurence Tribe catches Alan Dershowitz in humiliating hypocrisy
Harvard Constitutional law professor Laurence Tribe called out President Donald Trump's lawyer, Alan Dershowitz, Sunday on Twitter, noting that his opinions seem to evolve depending on who he's defending.
Dershowitz is on a kind of press junket for the president, defending him in various media appearances. The former lawyer to Jeffrey Epstein is handling Trump's defense as it pertains to the abuse of power. Dershowitz thinks that charge has no basis in law. In fact, impeachment trials aren't actually legal proceedings, they're political proceedings, because the Justice Department claimed that Trump can't be indicted under the law while he's president.
Watergate’s John Dean thinks Trump wrote part of his legal team’s brief — because it’s so terrible
Former White House counsel for Richard Nixon, John Dean, explained that the legal brief out of President Donald Trump's White House was so bad that it had to have been dictated by Trump himself.
Saturday evening, Trump's legal team, chaired by Trump lawyer Jay Sekulow and White House counsel Pat Cipollone, filed their own form of a legal brief that responded to the case filed by Democrats ahead of Tuesday's impeachment trial.
The document called the proceedings “constitutionally invalid” and claims House Democrats are staging a “dangerous attack” with a “brazen and unlawful attempt to overturn the results of the 2016 election and interfere with the 2020 election.”
WATCH: Prince Harry explains why he and Meghan are leaving the royal family — but promises ‘a life of service’
Prince Harry posted a video from an HIV/AIDS fundraiser his mother once supported, where he explained his methodology for leaving his profile role as a royal.
"I will continue to be the same man who holds his country dear," said Harry.
He went on to say that he doesn't intend to walk away and he certainly won't walk away from his causes and interests. "We intend to live a life of service."
In the speech, he thanked those who took him under their wing in the absence of his mother
"I hope you can understand that it's what it had come to," he said for why their family intends to step back.