Jamie Dimon ’Regrets’ Calling Bitcoin a Fraud But Remains Uninterested

Jamie Dimon ’Regrets’ Calling Bitcoin a Fraud But Remains Uninterested

Jan 10, 2018

JPMorgan Chase CEO Jamie Dimon has walked back comments from last year in which he called bitcoin a “fraud,” although he also said that he continues to remain uninterested in cryptoassets.

Jamie Dimon “Regrets” Labeling Bitcoin a Fraud

Hell hasn’t frozen over yet, but visitors might want to consider packing a light jacket.

Last September, Dimon unleashed the first in a series of tirades against bitcoin, labeling it a “fraud” that was worse than the 17th-century Dutch tulip bubble. Not content to allow this outlook to remain merely a personal opinion, he threatened to fire any JPMorgan employees who traded cryptocurrencies.

He doubled down on those comments on multiple occasions, calling bitcoin investors “stupid” and arguing that the asset was “worth nothing.”

On Tuesday, the respected Wall Street executive walked back those comments, although he stopped far short of saying that he has experienced a change of heart.

“I regret making them,” Dimon said during an interview on FOX Business Network. “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,” he added.

Blockchain Not Bitcoin

Dimon is, however, interested in blockchain, one of the technologies that underpin bitcoin and other cryptocurrencies.

“The blockchain is real. You can have crypto yen and dollars and stuff like that. ICO’s you have to look at individually”, Dimon said, referencing the nascent fundraising model that has taken Wall Street by storm.

Once used solely to bootstrap development for niche cryptocurrency projects like Ethereum, initial coin offerings (ICOs) and token generation events (TGEs) are increasingly being utilized from mainstream companies, including high-profile names like Kik Messenger and encrypted messaging platform Telegram.

Just this week, Kodak announced a TGE to fund development of a blockchain-based platform that will provide photographers with greater control over the usage rights of their images. Kodak shares jumped more than 60 percent during intraday trading following the surprise announcement.

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