Science

Left Hook To Bitcoin Price from the Head of JPMorgan

Left Hook To Bitcoin Price from the Head of JPMorgan

In 2013, the bank filed a patent for an electronic currency that bore a striking resemblance to bitcoin.

He went on to say that only drug dealers, murderers or if you are in Venezuela, Ecuador or North Korea, you would be better off dealing in bitcoin rather than in United States dollars.

Dimon made these comments within the framework of two conferences held in NY.

"If we had a trader who traded bitcoin I'd fire him in a second for two reasons". While Dimon believes that it might make sense to adopt a virtual currency in countries like Venezuela, Ecuador or North Korea, he says, "There is no way it could be needed in the U.S".

Bitcoin is a virtual currency that emerged in the aftermath of the financial crisis.

But, according to Jonathan Shieber's article in "Tech Crunch", this scepticism by one of Wall Street's titans, as also in offices of top financial services companies, is perhaps the "strongest case for bitcoin's lasting importance".

He joked that even his daughter bought some bitcoin, in a bid to profit from a trend that has seen it soar more than 300 per cent this year.

3500-Year Old Tomb Discovered in Egypt's Luxor
Additionally, the researchers found more than 1,000 wooden funerary statues that were found in a 3,500-year-old tomb near Luxor. According to Egypt's Ministry of Antiquities, the tomb found in southern Egypt belongs to a goldsmith and his wife near Luxor.

Bitcoin prices continued their fall on renewed worries about their fate in China.

Dimon's logic was that Bitcoin would eventually come into competition with central bank-backed currencies and be shut down by governments.

On September 12 Chairman and CEO of JPMorgan Chase & Co. 26% of responders said they consider bitcoin to be the most crowded, 22% mentioned the long Nasdaq trade, and 21% cited the short dollar trade as the most crowded.

"Maybe I'm just too old, but I'm going to let this mania go on without me, " Gundlach said.

CBOE's chairman and CEO, Mr Ed Tilly, defended such efforts after Mr Dimon's remarks.

"Like it or not, people want exposure to bitcoin", said Edward Tilly, chairman and chief executive of CBOE, speaking at the same conference.

Believers can bet on its rise, and Mr Dimon is welcome to take the other side, he said. Also, we had news that one of the Chinese exchanges, bitkan, would be stopped OTC trading from Thursday.


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