Thursday, 14 September 2017

Don't buy Bitcoin, it's a 'fraud' and heading for a crash says JPMorgan CEO

Since the beginning of 2017, the price of Bitcoin has increased by a huge 320%, from $997 (£751) on 1 January to $4,148 (£3,126) on Tuesday’s close. The price reached an all-time high on 1 September. While the price has been gradually falling since then, the trajectory it has been on this year is almost continuously in the upwards direction.

But the long-term prospect of the cryptocurrency is not strong, according to Jamie Dimon, CEO of JPMorgan. Speaking at a conference, Dimon called Bitcoin a fraud worse than "tulip bulbs". This alludes to a market bubble that appeared in the Netherlands in the 1600s, which, at its height, saw the rarest bulbs priced at six times the average person’s salary.

I'm amazed that people put their hard earned money into Bitcoin. 
If/when it all goes wrong, they will be left with nothing at all.

It reminds me of the Dot-com bubble: people seeing all this high-tech "stuff" & thought they'd better have a bit of that. At the time (& as a techie): it didn't make a bit of sense to me!
From a business perspective I could see people pouring huge amounts of DO$H into hare-brained schemes that were clearly doomed to fail - just because they had a website attached to them.
Moral of this story: engage brain before putting do$h into gear!