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morgen chief executive Jamie Dimon has laid into Bitcoin and digital currencies once again labeling it a novelty that is likely to end badly on Friday Dimon was concerned that with Bitcoin if areum and various initial coin offering psychos there are now cryptocurrencies everywhere he said it will end badly Dimon warned that governments will eventually crack down on cryptocurrencies and will attempt to control it by threatening anyone who buys or sells Bitcoin with imprisonment which would force digital currencies into becoming a black market these are the latest comments from Dimon attacking Bitcoin earlier this month he called the cryptocurrency a fraud his comments along with several prominent hedge fund investors came before sharp sell-off in Bitcoin the price for one Bitcoin fell from around four thousand three hundred forty dollars to as low as two thousand nine hundred eighty one dollars and five cents in the days after his comments Bitcoin has since recovered to around three thousand six hundred forty dollars and sixty eight cents according to coin desk data despite this volatility bitcoins value has risen 264 percent this year diamonds comments came under criticism from several Bitcoin investors and experts comments like Jamie's show of failure to grasp the significance of the blockchain and the power of brand in a fundamental sea of change said Scott Nelson CEO and chairman of blockchain firm sweet bridge in an email to CNBC last week meanwhile a company called blocks quarter has filed a market abuse complaint in Sweden against diamond and Morgan blocks water claims Dimon deliberately spread false and misleading information according to a report by Citi a.m.
during the interview on Friday Dimon also criticized coin for not being a fiat currency formed by a government and backed by a central bank with central bank's the money says legal tender you have to take this as payment it's very cheap to do it's very easy to move back and forth Morgan moves six trillion dollars around the world every day very efficiently very quietly very effectively and very cost-efficient he said creating money out of thin air without government backing is very different from money with government however Dimon did praised the technology underpinning Bitcoin the blockchain blockchain is a technology that can be used for multiple things including cryptocurrency it could be used for digital dollars and there are digital dollars already a lot of the dollars held in our bank are digital he said you
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