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JP Morgan’s Dimon backsteps; regrets calling bitcoin a fraud

Cryptocurrency NewsJan 09, 2018 07:29AM ET
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© Reuters. Jamie Dimon admits he "regrets" comments calling bitcoin a fraud

Investing.com - Almost four months after calling bitcoin a “fraud”, JP Morgan chief executive Jamie Dimon backstepped on Tuesday and admitted “regretting” that call.

At a banking conference in September, Dimon condemned the cryptocurrency, calling it a “fraud” and something that murderers and drug dealers would use.

“If we had a trader who traded bitcoin I’d fire him in a second for two reasons,” he stated at the conference in New York.

“One, it’s against our rules. Two, it’s stupid,” he proclaimed.

“It’s a fraud and honestly I’m just shocked anyone can’t see it for what it is,” Dimon added.

However, Dimon appeared to soften his attack in an interview with FOX Business when referencing those earlier comments.

“I regret making them,” he admitted.

Dimon did say that he was “not interested in the subject at all”, but admitted that blockchain technology, the ledger system that keeps track of cryptocurrencies, was “real”.

However, he did warn that initial coin offerings (ICOs) should be reviewed individually.

Bitcoin, the largest cryptocurrency with a market cap of $259.16 billion, soared more than 1,300% in 2017 and has gained 256% since the Dimon’s September comments.

Bitcoin was last down 3.83%, or $587.00, on the Bitfinex exchange to trade at $14,7588.00 by 7:27AM ET (12:27GMT) Tuesday, even as its second place rival Ethereum rallied to fresh record highs.

JP Morgan’s Dimon backsteps; regrets calling bitcoin a fraud
 

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Martin White
Martin White Jan 10, 2018 7:06AM ET
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for the love of God stop HODL means Hold On for Dear Life not some mistype
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Chris Jones
Chris Jones Jan 10, 2018 4:22AM ET
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The only fraud is the corporation called JP Morgan
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NHAT LE
NHATLE163 Jan 09, 2018 11:39PM ET
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and then the price went down while US market opend yesterday :)
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Jan 09, 2018 12:34PM ET
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jamie regrets nothing. he's cunning and calculating. you could put jamie in the white house and you wouldn't see a difference. jaimie trolls the press as trump does. amusing, if you're into that sort of thing and haven't alot to do.
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Ricardo Ferreira
Ricardo Ferreira Jan 09, 2018 12:06PM ET
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this guy sell all at 20k and now need buy again at 2k...me too
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