Bitcoin is trading down Tuesday afternoon after one of the most powerful men on Wall Street said the red-hot cryptocurrency is in a bubble worse than any other in history.
Jamie Dimon, the CEO of JPMorgan, called bitcoin “a fraud” and “worse than the tulip bulbs” bubble of the 1700s while speaking at the Barclays Financial Services Conference.
Bitcoin is down over $US100 since Dimon made his comments, trading lower by 2% at $US4,140 a coin. Still, it’s up over 350% this year.
Dimon went on to say that he would fire any trader using the cryptocurrency for being stupid, according to Bloomberg.
Get the latest Bitcoin price here.
Business Insider Emails & Alerts
Site highlights each day to your inbox.