Governments will close down bitcoin and cryptocurrencies if they get too big, warns Jamie Dimon

Eventually governments will close down cryptocurrencies: JPMorgan CEO Eventually governments will close down cryptocurrencies: JPMorgan CEO
5:27 AM ET Fri, 22 Sept 2017 | 02:51
JPMorgan Chase Chief Executive Jamie Dimon has laid into bitcoin and digital currencies once again, warning that governments will shut them down if they grow too large.

"Right now these crypto things are kind of a novelty. People think they're kind of neat. But the bigger they get, the more governments are going to close them down," Dimon said during an interview with CNBC-TV18 in New Delhi on Friday.

Dimon was concerned that with bitcoin, ethereum and various initial coin offerings (ICOs), there are now cryptocurrencies everywhere.

"It's creating something out of nothing that to me is worth nothing," he said. "It will end badly."

Dimon warned that governments will eventually crack down on cryptocurrencies and will attempt to control it by threatening anyone who buys or sells bitcoin with imprisonment, which would force digital currencies into becoming a black market.