French government nearly collapsed in the latter. The "Tulip Mania" in Holland in the 1630s to which Dimon alluded notwithstanding, history is replete with examples of how transformational technologies enter a highly speculative phase, leading to the creation of great riches for early investors but great risks for those who arrive. It seized the right moment after the financial crisis, and became the first and biggest digital currency. JPMorgan Chase, cEO, jamie Dimon created a bit of a stir in the market for bitcoin on Tuesday by claiming the cryptocurrency is a fraud and is in a valuation bubble that will burst. Russell is not alone.
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So were railroad bonds, electric utility stocks, auto companies, radio firms, the electronics industry, color TV companies, Japanese conglomerates, computer, biotech, internet shares and real estate, and all crashed when excessive optimism far outweighed the more rational expectations normally associated with prudent investing. He said he'd fire any employee in his trading division who speculates in that currency market. How on earth did you lose that amount of money? Cnnmoney (Leeds, UK) First published September 11, 2018: 7:59. He said the learning process was like solving the plot of a murder mystery. "Retail investors, students, housewives, even grandma was driven in by the hype says Rauchs.