Bitcoin: crashed last week. Bubble about to burst? JPMorgan Chase: ‘fraud’ that will ‘blow up’

JPMorgan Chase boss says the currency is a fraud

Bitcoin has had a more than five-fold increase in price since the start of the year.

• Bitcoin surged in value since start of the year, but has now dropped in value by more than 15 per cent
• JPMorgan chief has labelled bitcoin a “fraud”, saying it will eventually “blow up”
• British watchdog issued warning on initial coin offerings after Chinese government banned ICOs

It’s hit a record high price of just below $5,000 at the start of the month.

MORE: Bitcoin a ‘fraud’ that will ‘blow up’ according to JPMorgan Chase boss – ABC News (Australian Broadcasting Corporation)