JPMorgan & Chase (JPM) CEO Jamie is at it again with the bitcoin attacks.
"If you're stupid enough to buy it, you'll pay the price for it one day," Dimon reportedly told a crowd Friday at the Institute of International Finance.
The digital currency hit a record high of $5,856 in the early hours of Friday, Oct. 13, according to CoinDesk.
The total value of all bitcoin in circulation has hit $97 billion and bitcoin has risen 480% year to date.
Driving bitcoin prices higher are reports that China is easing up on its trading restrictions on the cryptocurrency market, proving that China is an important player in the market.
Ken Sangha, a founder of the OPEN project, a multi-city blockchain initiative, said: "If China eventually jumps back in, it won't surprise us a bit. The pressure from the public and fund managers is staggering in this market."
Sangha added: "We have Chinese fund investors who don't necessarily want to be named as long as the original ban holds. As a company in the middle of an ICO we were expecting as much as 50% of our support to come from China alone. However, we are confident that China will come to understand that they are only halting innovation, missing out on the birth of the next Google or Baidu with this initial approach."
Despite the negative news and criticism, bitcoin was the "talk of the town" on Thursday, Oct. 12, and will continue to be in the next few days.
Lukman Otunuga, research analyst at FXTM said: "Bitcoin was the talk of the town across financial markets on Thursday, after the cryptocurrency smashed through the $5,000 barrier, hitting an all-time high of $5,386.2. It is remarkable how, despite the slew of negative news fired at bitcoin, it has remained extremely resilient."
"With prices already surging over 450% this year to above $5,300, further gains could be on the cards, as extremely bullish momentum encourages investors to speculate on even grander gains," Otunuga added.
It is important to remember that anything can happen to change bitcoin prices -- don't forget how the China ban and other market fears or criticism from JPMorgan Chase & Co. (JPM) previously drove prices lower.
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