Bitcoin Naysayer Jamie Dimon of JP Morgan Chase "Regrets" His Past Comments

10 January, 2018, 00:29 | Author: Elaine Woods
  • Dimon: I regret calling bitcoin a fraud

Dimon had called bitcoin a fraud at a bank investor conference in NY in September.

Dimon in September threatened to fire Chase employees that invested the bank's money in bitcoin or other cryptocurrencies. It won't end well. It won't end well... someone is going to get killed and then the government is going to come down on it. In an interview past year, the banking executive said that investors "stupid enough to buy it" will "pay the price for it" eventually.

His comments were swiftly followed by similar criticisms from rival banking CEOs Tidjane Thiam at Credit Suisse and Lloyd Blankfein at Goldman Sachs, and Bridgewater CEO Ray Dalio, who called out the cryptocurrency - and the maelstrom surrounding it.

However, Bitcoin has become increasingly hard to ignore.

Some fans of the cryptocurrency saw Dimon's comments as vindication, and poked fun at him for changing his tune as the price of bitcoin went up.

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Bitcoin's spectacular rise has forced banks to consider their clients' demands to speculate on the cryptocurrency. Its growing popularity on a global scale appears to have forced Dimon to reassess his stance.

"I think one of the mistakes that people make is [focusing on] what's the impact tomorrow", Dimon said.

The high-profile chief executive added that he is "not interested that much in the subject at all". He is unsure of how "governments are going to feel about bitcoin when it gets really big", a widely shared concern as the currency has gone up over 1,500 percent within the past year alone.

That was just one of many critical comments about bitcoin, "which I regret making", Dimon said during an interview with Fox Business on Tuesday.

ICOs stands for initial coin offerings, a controversial way some cyrptocurrency companies are raising funds.

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