Jamie Dimon regrets calling bitcoin a fraud

JP Morgan’s Jamie Dimon Now Regrets Calling Bitcoin a Fraud

JP Morgan’s Jamie Dimon Now Regrets Calling Bitcoin a Fraud

Last September JP Morgan’s chief executive, Jamie Dimon, called bitcoin a “fraud,” adding that it wasn’t a “real thing” and as such would eventually be closed. Now, in an interview with Fox Business, he revealed he regrets calling the cryptocurrency a fraud, although he remains uninterested in the subject.

Per Fox Business, the CEO further revealed he believes in the technology behind bitcoin, blockchain. Regarding initial coin offerings (ICOs) Dimon said that “you have to look at [each] individually,” presumably because some can be valuable, while others can be scams.

During his interview, he said:

“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.”

Back in September, Dimon’s words caused bitcoin’s price to fall by about 24%, and JP Morgan was caught purchasing about €3 million in bitcoin ETNs. A company spokesperson revealed the purchase was on behalf of its clients, but a Swedish bitcoin market-maker, Blockswater, didn’t buy it.

The market-maker filed a market abuse report with the Swedish Financial Supervisory Authority against Dimon, stating a violation of Article 12 of the European Union’s Market Abuse Regulations (MAR).

Despite the report, Jamie Dimon swung at bitcoin again and said the cryptocurrency was “worth nothing.” Per his words, the cryptocurrency was going to crash, and bitcoin traders would eventually find out what he was talking about. When bitcoin started soaring at the end of 2017, Dimon said he “doesn’t want to talk about it

Back in October, JP Morgan embraced blockchain technology, by launching a system that will “significantly reduce” the number of parties needed to verify payments. In turn, this will reduce transaction times from “weeks to hours.”

Notably, the bitcoin ecosystem seems to have matured, as the flagship cryptocurrency is down by 1% in the last 24-hour period, despite Dimon’s remarks. At press time, one bitcoin is trading at $14,708.