JPMorgan’s top quant strategist, echoing CEO, compares bitcoin to ‘pyramid scheme’

  • JPMorgan’s top quant strategist backed his boss this week in bashing bitcoin, warning that the cryptocurrency is likely a “pyramid scheme.”
  • Earlier this week, JPMorgan CEO Jamie Dimon called bitcoin a “fraud,” saying that the cryptocurrency “won’t end well.”
  • Bitcoin plunged about 13 percent Thursday after one of the biggest exchanges in China said it will shut down its operation.
  • Former JPMorgan strategist Tom Lee said the cryptocurrency could surge another 600 percent in five years.
  • “It’s not worth it to look at bitcoin two months, two weeks ahead,” Lee argued, saying he still believes each bitcoin will be worth $25,000 in five years.

JPMorgan’s Marko Kolanovic reinforced his boss this week in bashing bitcoin, warning that the cryptocurrency is likely a “pyramid scheme.”
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