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 1600s while speaking at the Barclays Financial Services Conference.
Bitcoin is down over $100 since Dimon made his comments, trading lower by 2% at $4,140 a coin. Still, it’s up over 350% this year.
Dimon also said that he would fire any trader using the cryptocurrency at the bank for being stupid, according to Bloomberg.
Ouch.