It’s good to see that the grown-ups are finally speaking out on some of the nonsense going on in the financial world.

Jamie Dimon, head of JPMorgan Chase, this week called bitcoin “a fraud.” And he was quoted as saying that “any trader trading bitcoin [will be] fired for being stupid.”

Dimon’s remarks came soon after the Chinese government reportedly cracked down on trading of bitcoin and other fake “currencies.”

I’ve been calling bitcoin a confidence game. It only has value because those advocating the cryptocurrency have convinced enough people of the notion that it has value. Bitcoin and its imitators are backed by nothing of any real value.

So call it a fraud, a confidence game or a joke. But it’s about time that someone spoke up about it. Maybe the media will soon start doing its job on this subject as well.