2017-09-12 — bloomberg.com
The cryptocurrency "won't end well," he told an investor conference in New York on Tuesday, predicting it will eventually blow up. "It's a fraud" and "worse than tulip bulbs."... Dimon differentiated between the bitcoin currency and the underlying blockchain technology, which he said can be useful. Still, he said banks' application of blockchain "won't be overnight."
One place where cryptocurrencies and traditional finance are coming together is at CBOE Holdings Inc., the owner of the Chicago Board Options Exchange. Last month, the firm teamed up with Gemini Trust Co. -- the startup created by the Winklevoss twins made famous by the 2010 Facebook film "The Social Network" -- with a plan to offer bitcoin futures.
CBOE's chairman and CEO, Ed Tilly, defended such efforts after Dimon's remarks.
"Like it or not, people want exposure to bitcoin," Tilly said. Believers can bet on its rise, and Dimon is welcome to take the other side, he said. "We're happy to be the ones in the middle."
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