Bitcoin has been steadily rising over the past year.
Erik Voorhees, CEO of fintech and cryptocurrency company Shapeshift, tweeted: "My memory is failing, was it Bitcoin or was it JPMorgan that was bailed out by the government?" "This is a scam", he assured, adding that a government may decide to put an end to it, because the public authorities like to have the hand on the currency.
Speaking at a banking conference in New York, Dimon said that he would fire "in a second" anyone at the investment bank found to be trading in bitcoin. They were being "stupid". "It is worse than tulips bulbs".
He hoisted up for remark those that have said the cryptocurrency in the market is at a bubble territory. The one huge advantage OTC bitcoin trading poses to investors is their ability to access very competitive spreads, pricing and do it without an official exchange.
But the stark criticism was refuted by Naeem Aslam, chief market analyst at Think Markets UK, who said that Bitcoin is here to stay for good. This is the first time since August 22 that Bitcoin has fallen below the level of $4,000.
Still, the year-to-gains of both bitcoin and Ether are impressive. Word that China may place more regulations on bitcoin there sent the price tumbling 10 percent this week.
Bitcoin's recent surge has defied expectations as more and more people jump on the cryptocurrency bandwagon. The victor is rewarded with about 25 bitcoins every 10 minutes.
It's now fallen more than 20% from a high of $5,000 in early September. The FCA also recently issued a stark warning about investing in cryptocurrency. It has a total market value of $63.8 billion, making it the largest of more than 1,000 different types of computer-generated money tracked by CoinMarketCap.
TechJuice for Browser: Get breaking news notifications on your browser. If it gets too big, governments and central banks will put a stop to it.
An estimated 80% of Bitcoin trading occurs in China at present.