Why JPMorgan CEO James Dimon Hates Cryptocurrency

Recently James Dimon came out calling cryptocurrency a "fraud". He has been doing this repeatedly and started openly criticizing cryptocurrency more and more since 2013 and 2014. My question to him is, "If the bank's method of handling money is better then why do you feel threatened by it?" It is very obvious what Mr. Dimon is doing. He feels threatened just as China feels threatened that corporate banks may lose a monopoly on money. However, instead of calling it a fraud, he should embrace the technology.

Chase themselves decided to invest in the market dip after that. When the price was going towards a downward spiral, they will gain a capital return for an upcoming positive correlation. Them investing in it is contradictory to Dimon's point. Cryptocurrency in essence is surely not a fraud.

Besides the technology I created, the computational power required to create or gain a Bitcoin is extremely expensive. The correlation in value is higher then many non-digital assets such as Gold, Silver, and Oil. Bitcoin have proven to be an extremely investable asset as well as many other cryptocurrencies. John McAfee said it himself, "Bitcoin is surely not a fraud".