Bitcoin Under Pressure

DailyForex.com Team

JP Morgan & Bitcoin

Speaking at a banking industry conference a few hours ago, J.P. Morgan Chase & Co. boss Jamie Dimon said “Bitcoin will eventually blow up. It’s a fraud. It’s worse than tulip bulbs and won’t end well…” Dimon might be right. It could be that the price of Bitcoin will fall by more than 90% and stay that cheap, becoming a footnote in the history of 2017, and an example of how suckers get conned by investment frauds. Dimon’s timing is also interesting: Bitcoin has just broken convincingly below a key support area near $4,000, and has now fallen by more than 20% from its peak of 12 days ago, meeting the technical definition of a bear market.

Critics will ask, though, whether the CEO of a large bank which required a heavy taxpayer bailout, and which has been accused of helping cause the great meltdown of 2008, has any moral right to condemn a free-floating self-standing Cryptocurrency like Bitcoin.

DailyForex.com Team
The DailyForex.com team is comprised of analysts and researchers from around the world who watch the market throughout the day to provide you with unique perspectives and helpful analysis that can help improve your Forex trading.

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