JP Morgan Chase chairman regrets saying “Bitcoin is a fraud”

JP Morgan Chase chairman & CEO Jamie Dimon says he regrets making comments in September that Bitcoin was  “worse than tulip bulbs” and that cryptocurrency was a fraud.

In an interview with Fox Business, Dimon clarified that blockchain is real and that “you can have cryptodollars in yen and stuff like that.” Further, while there have been claims that he opposes Bitcoin due to it seemed a worthy competitor. He went on to explain his point.

“The Bitcoin was always to me what the governments are going to feel about Bitcoin when it gets really big, and I just have a different opinion than other people.”

In September Dimon had said in an interview, that he would fire any employee trading Bitcoin. And saying the cryptocurrency would burn in a spectacular crash.

“I would fire [any employee] in a second,” Dimon told Bloomberg. “For two reasons: It is against our rules, and they are stupid. And both are dangerous.

He said he was not interested in the subject much at all.

Goldman Sachs, the finance institution behind JPMorgan, had announced last year December that it would debut Bitcoin futures, has been soft on cryptocurrencies.  

AlsoRead: Factors that could influence Bitcoin success and prices in 2018

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David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.

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