Jamie Dimon

I regrets calling Bitcoin a ‘fraud’ – JPMorgan CEO

Jamie Dimon
JPMorgan CEO Jamie Dimon

Jamie Dimon humbly eats his own words after thinking twice about jumping into the Bitcoin controversy.

The JPMorgan Chase & Co. chief executive officer, who previously tagged the cryptocurrency a “fraud,” said  on Tuesday that he wishes he never condemned the technology in such broad terms.

“I regret making” those comments, Dimon said in an interview with the Fox Business network. “The blockchain is real. You can have crypto yen and dollars and stuff like that.”

In September, Dimon said bitcoin was “worse than tulip bulbs,” and threatened to fire any trader who bought or sold them for being “stupid.” The 61-year-old CEO said Tuesday he’s still not very interested in the subject and thinks that government intervention may eventually hamper bitcoin’s growth and acceptance.

“The bitcoin to me was always what the governments are going to feel about bitcoin as it gets really big,” he said.

“I just have a different opinion than other people. I’m not interested that much in the subject at all.”

ALSO READ: Telegram Messenger Set To Launch Its Own Cryptocurrency

The value of digital currencies has surged this year, with everyone from regulators to top bank executives taking note. The price of bitcoin, the most ubiquitous of the currencies, has more than tripled to $14,297 since Dimon made his comments in September.

Dimon reiterated in the interview that he believes in the blockchain, the technology used for verifying and recording transactions that are at the heart of cryptocurrencies. Experts have said blockchain technology could reshape the global financial system and JPMorgan is testing potential use cases of the technology.


Andre Falana Author

Andre is a network engineer with a solid technical background and a proven record in building and troubleshooting computer systems, networking, website design and blogging with broad knowledge on call center operations and administration. Above all, a man with great desire in sharing his knowledge and views, cutting across technology, social and politics.

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