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Bitcoin Falls as JP Morgan's Dimon Issues Fresh Warning on Bitcoin

Published 09/22/2017, 03:55 PM
Updated 09/22/2017, 03:55 PM

Investing.com – Bitcoin fell on Friday erasing earlier gains as J.P. Morgan Chief Executive Jamie Dimon warned that governments will “close down” bitcoin and cryptocurrencies if they grow too large.

On the U.S.-based Bitfinex exchange, bitcoin fell to $3,575.5, down $28.4, or 0.79%. The slump in Bitcoin took its market cap below $60bn.

More than a week after Dimon sent shockwaves through the cryptocurrency space, warning that Bitcoin is a “fraud” and will “blow up”, the JP Morgan boss warned that governments will eventually crack down on cryptocurrencies to gain a measure of control.

"Right now these crypto things are kind of a novelty. People think they're kind of neat. But the bigger they get, the more governments are going to close them down," Dimon said during an interview with CNBC-TV18 in New Delhi on Friday.

Proponents of the popular digital currency, however, often downplay the negative impact of government intervention in Bitcoin as the decentralized nature of blockchain – the software supporting the digital currency – has made it difficult for governments to form a clear consensus on how to regulate the digital currency.

Jamie, however, offered an alternative scenario suggesting that governments could attempt to curb the growth of bitcoin by threatening anyone who buys or sells bitcoin with imprisonment.

Bitcoin Cash fell 2.12% to $407 while Ethereum gained 5.60% to $2558.63.

Latest comments

Dimon is scared...
"Right now these crypto things are kind of a novelty. People think they're kind of neat. But the bigger they get, the more governments are going to close them down," Dimon said during an interview with CNBC-TV18 in New Delhi on Friday. . What is the problem of this man his son invest in Bitcoin and why he can not adapt to new trends if this world is changing why he wants to centralize money. it is enough of 2007-2008 crisis.What is the problem with him?
Because he is one of the most powerful bankers in the world and he knows how big a threat cryptocurrencies are to his business.He will say anything to try to portray them as scams to the average person who knows nothing about them.
Mr. Dimon knows how much he has to lose if cryptocurrencies see mass adoption. He will do everything in his power to prevent that from happening, even if that means spreading untruths. I would expect nothing less from him, after all, we are talking about billions of dollars of revenue that could evaporate. IMO the big banks will not go down without a fight, they will paint anyone who invests in cryptocurrencies as criminals. They will use their vast power to push the government to take action. The last thing those in power (politicians & the big bankers) want is for the people to have total control of their own money and not just the illusion of control as it is now. But in the end, they can only slow down the inevitable because Bitcoin is not the currency of criminals, Bitcoin is the currency of the people!
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