JP Morgan CEO Jamie Dimon commented that he thinks Bitcoin is a fraud, and that "it will eventually be closed."

CNBC continues its amazing economic news coverage with his interview.

Yes, the CEO of a major financial institution thinks Bitcoin will be "closed."

Look, however unlikely, it is possible that the Bitcoin price goes to $0. It is not, however, anywhere within the realm of possibilities that the crypto-currency will be "closed" as Dimon put it.

This is because there is nothing to close. It is not a business. It is not owned by anyone except a vast and disunited network of Bitcoin miners and those who own Bitcoins.

So again, miners could conceivably shut off their computers. People who hold Bitcoin could conceivably sell off at such a rate that the price crumbles. But no one can "close" the cryptocurrency.

If you listen to his complete remarks, what he seems to mean is that governments will crack down on Bitcoin when it becomes too popular.

"Wait until someone gets hurt, or wait until it is used for illicit purposes–which it is somewhat used for illicit purposes–[governments] will close it down."