JP Morgan CEO Regrets Calling Bitcoin a ‘Fraud’

“The blockchain is real,” said the one-time bitcoin critic Jamie Dimon in a recent interview with Fox Business. The chief executive officer of JPMorgan Chase & Co. (JPM) went on the air this Tuesday to say he regrets calling the cryptocurrency a fraud.

Last year, the Wall Street CEO took aim at bitcoin investors, calling anyone who would buy or sell the stock “stupid” and indicating that they will “pay the price for it one day.” He warned at the time that he would fire any of the bank’s employees that were caught trading it. Yet his sentiment has surely changed since September 2017 when he made his toughest remarks at an Institute of International Finance conference.

While Dimon has backtracked on his more aggressive statements about the digital currency, he said he is still concerned about the action that regulators will take as bitcoin continues to reach record highs as well as initial coin offerings (ICOs), a controversial means by which some cryptocurrency companies are raising funds.

In October 2017, JPMorgan announced a new blockchain-powered system it indicated will “significantly reduce” the number of parties needed to verify global payments and cut transaction times from weeks to just hours.

 

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