Bitcoin bashing: buyers beware?

Investors may not be too hot on bitcoin for the remainder of 2018, but some prominent U.S. executives caution that the entire idea is a sham.

JPMorgan CEO Jamie Dimon, who has made negative comments about the cryptocurrency in the past, said during an interview Thursday with CNBC that while he doesn’t want to be a “bitcoin spokesperson,” buyers should “beware.” Back in September, Dimon said bitcoin “wasn’t going to work” and called it a “fraud” at an investor conference.

Meanwhile, billionaire investor Warren Buffett and Berkshire Hathaway Vice Chairman Charlie Munger told FOX Business’ Liz Claman Opens a New Window. last month that bitcoin was “more expensive rat poison,” after previously comparing it to the deadly chemical five years ago. Dimon’s renewed negative comments come on the heels of one research firm’s decision to cut its year-end price target for the cryptocurrency by 17%.

Trefis lowered its target this week to $12,500, from a previous forecast of $15,000. The firm cited headwinds, like restrictions by banks and global regulators’ calls for caution, as reasons why demand might suffer. While bitcoin was trading higher Opens a New Window. during Thursday’s session, the digital currency has lost more than half of its value since December.

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