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Dimon Regrets Calling Bitcoin a Fraud

 2 min read / 

Jamie Dimon, Chief Executive Officer of JPMorgan Chase, has gone back on his statement of last year where he infamously slammed bitcoin as a “fraud.”

Lashing out at a banking conference in September, he stated that he would fire any employee trading the cryptocurrency for being “stupid”, comparing bitcoin to the Tulip Mania that swept Holland in the seventeenth century. Speculators drove the prices to extortionate levels until the bubble eventually burst.

Dimon is one of the highest profile executives in the banking industry, and the virtual currency slipped 2.7% after his comments, before recovering. It has now more than tripled in value since September.

Today, the 61-year-old admitted to having second thoughts on the issue, wishing he hadn’t dismissed the technology in such broad terms.

The Wall Street CEO added that he was still not interested in bitcoin but expressed his opinion on the need for government intervention to hinder the currency’s growth.

Despite still being a controversial issue, bitcoin soared in 2017, particularly as its blockchain technology, that manages and records transactions, saw greater acceptance.

The rise of bitcoin has also forced banks such as Barclays, HSBC and Deutsche Bank to consider demands from customers to speculate on cryptocurrencies.

At the time of writing, one bitcoin was worth $14,992.69.

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