Jamie Dimon Regrets Calling Bitcoin A Fraud

Up until now, there has been absolutely no love lost between JP Morgan CEO, Jamie Dimon and Bitcoin. But now, it seems that Jamie Dimon is regretting some of the things he said regarding the cryptocurrency, and is having second thoughts about getting involved in the Bitcoin controversy. He previously, very openly called the first ever virtual currency a ‘fraud’, but said this week that he wishes that he hadn’t dismissed the technology in such broad terms. In an interview with the Fox Business network, he said; “I regret making those comments…The blockchain is real. You can have crypto yen and dollars and stuff like that.” Back in September, he said that Bitcoin was ‘worse that tulip bulbs’, and went as far as to say that he would fire any trader who bought or sold them for being ‘stupid’. In the same interview this week, he did admit that he was still not particularly interested in the subject, and believes that government intervention may eventually hamper any growth and acceptance for Bitcoin. But, the fact that he is not being so dismissive and negative about the subject is an improvement. He said; “The Bitcoin to me was always what the governments are going to feel about Bitcoin as it gets really big…I just have a different opinion than other people. I’m not interested that much in the subject at all.” There has been a huge surge in the value of digital currencies in this last year, with top bank executives taking an interest where they previously have not. The price of Bitcoin has more than tripled since the comments were made in September. He went on to reiterate that he does believe in blockchain technology, and the technology used for verifying and recording transactions that’s at the heart of cryptocurrencies. There are many experts who have said that blockchain technology could reshape the global financial system, and JP Morgan are even testing the potential for use of the technology. Image Source: Wikipedia Commons Sponsored by