Jamie Dimon, CEO of JPMorgan Chase reconsiders his position on Bitcoin. Dimon has been one of Bitcoin’s loudest and most consistent detractors. In recent months, he has accused the cryptocurrency giant of fraudulence, labeled its users stupid, and warned investors that Bitcoin wouldn’t be able to survive pending governmental interference and regulation.
BitConnect made a splash in late 2016 with a promise that it could make investors a one-percent daily return of investment. Backed by a shady referral program and a forceful marketing campaign, the platform managed to attract a large user base. At its height, BitConnect reached a value of $400.
Despite assurances from the company that outstanding loans will be repaid, many of its users will see substantial financial loss. The shutdown renders BCC, the token that powered BitConnect’s platform useless. Within hours, BCC plunged to a mere $37, a more than 80% drop in value. It is unlikely that the price can recover.