Jamie Dimon, the chief executive of investment bank JP Morgan Chase, is a big fan of the blockchain his bank is even investing in the technology, with the hope that it could save money on trading costs in the long run. However, he is definitely not a fan of bitcoin, the digital currency powered by blockchain. Indeed, he says that if he finds any of his traders betting on bitcoin, he will "fire them For two reasons: it's against our rules, and they're stupid."
Dimon admits that those who have invested in it so far have been very successful even his daughter "has made a lot of money investing in it, and now she thinks that she's some sort of genius". He's also not suggesting that you follow people like Jim Chanos, a famed short seller and investment manager, who has actively shorted it. He does think however that bitcoin, and similar cryptocurrencies, have become so overvalued that the mania can be compared to the "tulip fever of the 17th century".
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