The director of the largest US bank believes that Bitcoin is a currency for traffickers, criminals and dictators

It is clear that cryptocurrencies and their decentralized nature are nothing to the taste of the traditional band, but today Jamie Dimon has been dispatched at ease. The executive director of J.P. Morgan, the largest bank in the United States, has called Bitcoin a currency that only serves traffickers, criminals or people living in North Korea.

At a conference in New York, Dimon has assured that he would immediately dismiss any of his employees who invest with Bitcoin on behalf of the company. The director of J.P. Morgan believes that Bitcoin and the rest of the cryptocurrencies will not work: "You can not run a business based on a coin that you have invented out of nothing and think that the people who invest in it are smart," explains Dimon.
Since its inception, Bitcoin has tried to detach its image of illicit activities such as online extortion or money laundering. Since last December, the currency has almost quadrupled its money, although traditional banking continues to keep it excluded and no government has decided to adopt it yet. Following the statements of the director of J.P. Morgan, the Bitcoin value has fallen by 6%.

Jamie Dimon anticipates that, eventually, the currency will explode leaving its investors without money. "It does not matter how much it goes up. It can reach $ 20,000 before it explodes, but it is a fact that it will do so. Honestly, I'm impressed that nobody sees that coin for what it really is. "

Other finance experts such as Yann Quelenn, an analyst for the Swiss bank Swissquote, believe that Bitcoin can still have an investment future. Quelenn explains to the Guardian that in any case it will always be a minority financial option and limited by its very nature. [via The Guardian]