Bitcoin Is a Fraud According to the CEO of the Largest Bank in the U.S.

In case you've been living under a rock, cryptocurrencies, headed by bitcoin and ethereum, are absolutely on fire in 2017. After beginning the year with a $17.7 billion aggregate market cap, the more than 900 cryptocurrencies that can be purchased by consumers witnessed their market cap recently soar beyond $160 billion as a whole -- that's a better than 800% increase in about eight months.

Though bitcoin is up "just" a tad over 300% year to date, it's largely responsible for the market cap gains since it represents almost half of the aggregate digital currency market cap. Ethereum's more than 3,000% year-to-date gain hasn't hurt, either.

Image source: Getty Images.

Source: Fool.com