JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said he would fire any employee trading bitcoin for being -ldquo;stupid.-rdquo;
The cryptocurrency -ldquo;won-rsquo;t end well,-rdquo; he told an investor conference in New York today, predicting it will eventually blow up. -ldquo;It-rsquo;s a fraud-rdquo; and -ldquo;worse than tulip bulbs.-rdquo;
Bitcoin has soared in recent months, spurred by optimism that faster transaction times will hasten the spread of the cryptocurrency -mdash; a run that has drawn debate over whether it-rsquo;s a bubble. Bitcoin-rsquo;s price fell after Dimon-rsquo;s remarks.
Tulip mania swept Holland in the 17th century, with speculators driving up prices of virtually worthless tulip bulbs to exorbitant levels. That didn-rsquo;t end well.