Market Bubble The tulip bulbs that Dimon referred to is the Dutch Tulip Bulb crisis – a famous market crash that occurred in the 1600’s and is considered the first financial crash. A recent example, would be the real estate crash in 2008 that led to the period of recession across the globe. “If you were in Venezuela or Ecuador or North Korea or a bunch of parts like that, or if you were a drug dealer, a murderer, stuff like that, you are better off doing it in bitcoin than US dollars,” he said. “So there may be a market for that, but it would be a limited market.” Family ties These comments come following a significant rise in the value of Bitcoin recently, with its value quadrupling and reaching around $4,700 last month before falling down. Bitcoin however, has not been free of risks and controversies, with China recently banning ICOs (Initial Coin Exchanges) which allowed companies to generate capital through cryptocurrencies as well as cracking down on illegal bitcoin exchanges. He went on further to say that his own daughter had purchased bitcoin. “It went up and she thinks she’s a genius now.” He even mentioned that he would fire at employee on the spot if they were caught trading in bitcoin as it was against company policy. He has also predicted big losses for those investing in bitcoin.
