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JPMorgan CEO says Bitcoin is "fraud"
Last Updated: 2017-09-14 08:25 | Xinhua
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Bitcoin is a "fraud" and will eventually blow up, chief executive of JPMorgan Chase & Co. Jamie Dimon has said.

"It's just not a real thing, eventually it will be closed," Dimon said at a bank investor conference on Tuesday in New York, according to CNBC.

He noted that the bitcoin mania is reminiscent of the tulip bulb craze in the 17th century.

"It's worse than tulip bulbs. It won't end well. Someone is going to get killed," Dimon said, adding that "Currencies have legal support. It will blow up."

Dimon's remarks came as the bitcoin, a virtual currency not backed by any government, had soared 315 percent this year to more than 4,100 U.S. dollars on Tuesday.

Bitcoin slumped to its lowest level in a month after Dimon's comments. In early New York trading on Wednesday, bitcoin traded at 3818.50 dollars, down nearly 8 percent from the previous session.

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