Jamie Dimon Regrets Calling Bitcoin A Fraud

Coinmama: Buy Bitcoin with Credit Card

JPMorgan Chase CEO Jamie Dimon may still not be a fan of the cryptocurrency, but he reportedly regrets calling it a fraud. His change of heart has also resulted in him praising the blockchain technology.

It was back on September 12 that he made the fraud comment, saying that he would fire any trader known to be trading cryptocurrency.

Many a circle were critical of his comment, with several analysts pushing back against this criticism against Bitcoin coming from Wall Street. Fast forward a few months, and it appears that Jamie Dimon has had a reconsider.

No longer a fraud

Dimon followed it up in October by saying that he was done talking about Bitcoin, but here he is again. In an interview with FOX Business, the JPMorgan Chase CEO has said that while he regrets calling it a fraud, he basically had a different opinion to the technology.

His words:

“The bitcoin to me was always what the governments are gonna feel about bitcoin as it gets really big, and I just have a different opinion than other people. I’m not interested that much in the subject at all.”

On the topic of blockchain, however, the CEO is all praises.

He now believes that blockchain is a real, life changing technology, with a number of use cases, including finance. You can have crypto yen and dollars, he says, though he maintains that ICOs will have to be looked individually.

Walk back

And while Jamie Dimon may have walked back from his comment against Bitcoin, he still remains concerned about how governments are going to feel about it when it gets really big. And this is something that is quickly becoming a concern — particularly in Asia.

These past few days have seen news come out of places like China and South Korea, which has negatively impacted the prices of several of these cryptocurrencies at the start of the week. Even as user interest in these digital currencies remain high.

Despite these little setbacks, several banks, exchange operators, and companies have embraced Bitcoin, fueled by increasing interest from consumer and investors.

Bitcoin was down nearly 2% in early trading on Tuesday, priced at $14,786. This is notably down from the $19,000 mark that it breached at the end of December, after starting last year at $909.

All that said, the buzz generated by Dimon’s comment spurred more interest in alternate cryptocurrencies, resulting in spectacular rises in the valuation of many of them, including the likes of Ethereum, Ripple, and more.