Source: cityam.com

JPMorgan Chase chief executive Jamie Dimon slammed cryptocurrencies as a -quot;fraud-quot; last night, pushing the already slipping value of Bitcoin- down another notch.

Bitcoin was down almost four per cent today at- $3,985.03 (-pound;2,994.49), while Ethereum- dropped 4.81 per cent to- $279.55.

Dimon- said he would fire an employee who traded in cryptocurrencies for being -quot;stupid-quot;.-

Read more: Jamie Dimon: EU could force JP Morgan to move thousands more UK jobs

-ldquo;I-rsquo;d fire them in a second,-quot; he said. -quot;For two reasons: It-rsquo;s against our rules, and they-rsquo;re stupid. And both are dangerous.-rdquo;

Speaking at an event hosted by Barclays, the banking boss said:- -quot;It's just not a real thing, eventually it will be closed-quot;, according to reports on Bloomberg and CNBC.

Bitcoin smashed through the $5,000 barrier- earlier this month, but has since taken a tumble after- China became- the first country to ban initial coin offerings.

Cryptocurrencies then fell even further when it was rumoured that China would also ban local- cryptocurrency- exchanges.

It was a turbulent day for Bitcoin- yesterday, after security specialist FireEye- suggested North Korea was stealing the cryptocurrency in order- to avoid sanctions. But the cryptocurrency has also become increasingly popular, with a survey finding that long bets on- Bitcoin- now outflanks Nasdaq as the most crowded trade.

Read more: DEBATE: Should the FCA ban ICOs?


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