Bitcoin Fascination Looks a Lot Like 'Tulip Fever,' Jamie Dimon Says


Dimon, speaking at the CNBC Institutional Investor Delivering Alpha Conference in NY, said "there are several people" in the bank who board members know could do his job now if necessary.

Dimon had a number of choice words about bitcoin, warning that it "won't end well", and likening it to the Dutch tulip bulb frenzy.

The bitcoin fell after Dimon's comments.

Tulips are a reference to the mania that swept Holland in the 17th century, with speculators driving up prices of virtually worthless tulip bulbs to exorbitant levels. "So there may be a market for that, but it'd be a limited market". "My daughter bought bitcoin, it went up and now she thinks she's a genius".

"Someone's going to get killed and then the government's going to come down", he said.

Since December, bitcoin's value has increased four-fold, on the growing use of blockchain technology, which records bitcoin transactions. Bitcoin can go $100,000 a bitcoin before it goes down, so this is not advice on what to do, " the chief executive said Tuesday.

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"China's central bank, working with other regulators, has drafted instructions banning Chinese platforms from providing virtual currency trading services", the Wall Street Journal said Monday, citing people familiar with the matter.

"If you were in Venezuela or Ecuador or North Korea or a bunch of parts like that, or if you were a drug dealer, a murderer, stuff like that, you are better off doing it in bitcoin than USA dollars", Dimon said.

"Like it or not, people want exposure to bitcoin", Edward Tilly, chairman and CEO of exchange group CBOE Holdings Inc.

Bitcoin may be all the rage, but JPMorgan Chase & Co.

In perhaps a sign of just how excited investors have grown over bitcoin, three different investors at the conference Tuesday said that their relatives had begun investing in Bitcoin, or were at the very least highly interested in it.