Jamie Dimon says his eventual successor works at JPMorgan

Bitcoin dropped as soon as Jamie Dimon called its traders “stupid”

Bitcoin dropped as soon as Jamie Dimon called its traders “stupid”

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.

Dimon said he would fire any employee for trading bitcoin. Why?

At another conference about two hours later, Dimon said that one of his daughters had bought some bitcoin.

The market has reacted. Shortly after Dimon's comments were made public, bitcoin prices dropped. "Don't ask me to short it". They were being "stupid".

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.

Last week, it slumped after reports that China plans to ban trading of virtual currencies on domestic exchanges, dealing another blow to the $150 billion cryptocurrency market.

"If you're in Venezuela or Ecuador, or North Korea, you're better off probably using Bitcoin than using their currency", he said.

"It went up and she thinks she's a genius now", Dimon said at the CNBC Institutional Investor Delivering Alpha Conference.

"It's interesting that somebody with that high profile of the establishment is out there with that bold statement", Jeffrey Gundlach, chief investment officer of DoubleLine Capital, said on a webcast Tuesday after Dimon's remarks.

"Honestly, I am just shocked that anyone can't see it for what it is".

"Like it or not, people want exposure to bitcoin", Edward Tilly, chairman and CEO of exchange group CBOE Holdings Inc. At the same time, Starwood Capital CEO Barry Sternlicht revealed that one of his relatives was also trying to start a bitcoin-related hedge fund.

Believers can bet on its rise, and Dimon is welcome to take the other side, he said.

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