Why digital currencies dropped today?
After Jamie Dimon of JPMorgan called bitcoin a fraud today, majority of digital currencies dropped today especially bitcoin.
It is understandable that a major bank like JPMorgan has an interest in destroying bitcoin as banks' centralized role will becomes less dominant as more people and merchants adopt the currency. Bitcoin and many other currencies have lower transaction fees, faster payment transaction, and ease of integration with latest technologies.
China's crackdown on ICOs and Dimon's irresponsible labeling of Bitcoin as fraud have reversed and froze bitcoin's upward trajectory and many currency investors have lost significant amount of money on it. It is important to note that JPMorgan had attempted to come up with a similar technology as bitcoin but did not succeed, and his daughter has invested in bitcoins.
Let's see if bitcoin traders/investors can reverse Dimon's damages and prove Dimon is wrong.
Oh yeah....
JP Morgan has been famous for years and yras now, for destroying the competition.
It remains to be seen who wins the battle ultimately, Dimon of JPMorgan or bitcoins?
Dimon is a hater. Bitcoin and other cryptocurrencies will stand the test of time as more people wake up from their slumber.
I agree