13 September 2017 1:53 PM, PDT | The Wrap | See recent The Wrap news »

Jp Morgan Chase CEO Jamie Dimon may not believe in bitcoin — but banks like his are the reason it exists, a prominent investment manager tells TheWrap. Bitcoin prices have tumbled from $4,200 to $3,900 in the last 24 hours, after Dimon called the online currency a “fraud” on Tuesday. But investor Ross Gerber says that’s pretty rich, coming from someone that presided over a bank that needed a $12 billion government bailout in 2008. Also Read: Why Apple's ARKit Could Be a 'Game Changer' for Augmented Reality “The only reason Bitcoin exists is because these greedy bankers went bankrupt in ’08,” Gerber told. »

- Sean Burch

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