The price of bitcoin dropped to about $3,885 as of mid-day Wednesday, about 24 hours after Dimon spoke.
At one point in trading, the cryptocurrency fell as low as $3,777. That's down from an all-time high of $5,000 just two weeks ago—a drop of 22%.
The plunge has been painful for investors who bought into bitcoin seeking high gains.
At its all-time high, the value of all bitcoins in circulation was about $81.2 billion. Now, it’s $63.5 billion.
On Tuesday chief executive of JPMorgan Chase & Co (TIKER: NYSE: JPM) Jamie Dimon said that Bitcoin was a fraud” and it would blow up.
Speaking at a bank investor conference in New York, Dimon added: “The currency isn’t going to work. You can’t have a business where people can invent a currency out of thin air and think that people who are buying it are really smart.”