Bitcoin Under Pressure
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.