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JPMorgan calls Bitcoin "fraud" only for use by criminals and North Koreans

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Bitcoin is little more than a "fraud" which will eventually blow up in the faces of traders, according to JPMorgan Chase CEO Jamie Dimon.

Speaking to attendees at a banking conference in New York this week, the executive blasted the cryptocurrency industry, saying it "isn't going to work."

"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 US dollars," he said, according to The Guardian. "So there may be a market for that, but it would be a limited market."

Bitcoin is a type of cryptocurrency, and perhaps the most well-known, which can be used to make purchases, trade on Bitcoin exchanges, and is considered as an asset by some, a currency by others.

At the time of writing, one Bitcoin is valued at $3,886, having hit a $5,000 all-time high on 2 September.

Dimon believes Bitcoin is only fit for those who need to circumvent...(continued)

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