Bitcoin battered by Jamie Dimon and Christine Lagarde

“When the Department of Justice calls and says, ‘it’s an illegal currency and it’s against the laws of the land, and if you do it again, we will put you in jail’, it’s over.”

Mr Dimon added that the fixation with Bitcoin in some circles of society, particularly politics, is a fad that will pass.

“There will be no real-time, non-controlled currency in the world. There is no government that is going to put up with it for long. It’s kind of cute now, a lot of senators and congressmen will say, ‘I support Silicon Valley innovation’, but there will be no currency that gets around government controls.”

Jamie Dimon

However, Mr Dimon added that he supported the “blockchain” technology that underpins digital currencies, and JP Morgan is looking into its potential.