Bitcoin is a fraud that will blow up, says JP Morgan boss

Jamie Dimon claims cryptocurrency is only fit for use by drug dealers, murderers and people living in North Korea

Bitcoin is a fraud that will ultimately blow up, according to JP Morgan boss Jamie Dimon, who said the digital currency was only fit for use by drug dealers, murderers and people living in places such as North Korea.

Speaking at a conference in New York, the boss of America's biggest bank said he would fire "in a second" anyone at the investment bank found to be trading in bitcoin. "For two reasons: it's against our rules, and they're stupid. And both are dangerous."