The CEO of JPMorgan Chase Jamie Dimon has called bitcoin a fraud that will blow up. Max Keiser of RT"s Keiser Report has explained why the real bubble may be in banking, and not in the cryptocurrency.

"JP Morgan, along with the entire finance sector, has been subsidized by the Federal Reserve"s corrupt practice of "financial repression" that moves hundreds of billions from savers and pensioners, and workers, into JP Morgan and Jamie Dimon"s pocket. Jamie"s compensation is tied directly to manipulating JP Morgan"s stock and option prices, thanks to the Fed"s conflicted, corrupt, cozy malfeasance," he told RT.

Financial repression is a term describing measures used by governments to channel funds to themselves as a form of debt reduction. These actions include the deliberate attempt to hold down interest rates to below inflation. In this system, benefits are transferred from lenders to borrowers. JPMorgan Chase stock has surged about 260 percent since June 2012.

According to Keiser, it is wrong to say bitcoin is a bubble or a fraud.

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