Jamie Dimon, CEO of JPMorgan Chase, Regrets Calling Bitcoin a Fraud

You might remember the remarks of JPMorgan Chase CEO Jamie Dimon from last year, where he had called Bitcoin a “fraud” and had also eloquently stated that that the cryptocurrency’s rise was “worse than tulip bulbs.”

Well, in a recent with FOX Business, Dimon expressed his regret in using those words but added that he still does not want to do anything with the cryptocurrency.

Dimon said in his interview:

“The blockchain is real. You can have crypto yen and dollars and stuff like that. ICOs you have to look at individually.” 

He further mentioned that he was only sharing what he thought the governments will always think of Bitcoin.

“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.” 

While the comments from Dimon in the past had been discouraging, this particular expression now seems to have been caused by the rising credibility of Bitcoin, such as its trading futures at the Chicago Board Options Exchange (CBOE) and the CME Group.

It only shows that the cryptocurrency market is here to stay and the community can hope that not just Bitcoin but other cryptocurrencies continue to bull against its vocal critics to show them that the industry – along with its cryptocurrencies and its blockchain networks – is genuine and is here to stay for a long time.

However, not everyone is still pleased with Dimon’s apology, not even Bitcoin critics. Gizmodo recently published a scathing profile of Dimon while commenting on the same piece, which goes into great detail about Dimon but with a perspective of its own.

What Dimon said in the past

In an interview with CNBC in September 2017, Dimon had been very vocal about his thoughts on Bitcoin, starting by saying that Bitcoin “is a fraud.”

“It’s just not a real thing, eventually it will be closed.” He said in his interview before adding. “I’m not saying ‘go short bitcoin and sell $100,000 of bitcoin before it goes down. This is not advice of what to do.”

He had also shared an incident jokingly about his daughter buying Bitcoin and thinking that she’s a genius because due to the rise in Bitcoin’s prices.

“My daughter bought bitcoin, it went up and now she thinks she’s a genius.”

Earlier in the same day, Dimon had shared how he thinks of Bitcoin as the tulip mania from the 17th century that caused the tulips to be sold for six times the amount of an average person’s annual income at the time.

Dimon said:

“It’s worse than tulip bulbs. It won’t end well. Someone is going to get killed. Currencies have legal support. It will blow up.”

He had further mentioned that he would fire any JPMorgan employee who bought or sold Bitcoin, and provided two reasons for it by stating that “it’s against our rules and they are stupid.”

By | 2018-01-19T01:35:32+00:00 January 19th, 2018|News|0 Comments

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