Jamie Dimon Regrets Dismissing Bitcoin as a “Fraud”

Long-time Bitcoin detractor Jamie Dimon backtracks, regrets prior scathing comments on the cryptocurrency.

JPMorgan Chase CEO Jamie Dimon, who has been one of Bitcoin’s harshest critics, appears to be having second thoughts about the initial stance he took on the cryptocurrency.

In an interview with Fox Business, Dimon, in reference to his previous comments on Bitcoin, admitted:

“I regret making them.”

Dimon’s fiercely negative and unfiltered comments about Bitcoin went viral last year, as he took shot after shot at the cryptocurrency. Dimon labelled Bitcoin a “fraud”, threatened to fire any JPMorgan employees found trading it, and predicted that governments were going to “crush” Bitcoin. Dubbing Bitcoin a bubble, Dimon claimed:

“It's worse than tulip bulbs. It won't end well. Someone is going to get killed.”

He also derided crypto investors, stating:

“If you're stupid enough to buy it, you'll pay the price for it one day.”

After his comments earned him a position as one of the more reviled figures among the crypto community, Dimon claimed he was “not going to talk about Bitcoin anymore”.

However, Bitcoin has become increasingly hard to ignore. Although it remains volatile, its price has tripled since Dimon made his comments, and the cryptocurrency surged to an all-time high of around $20,000 last month. In addition, reputable exchanges CME and CBOE have released Bitcoin futures products (which JPMorgan was reportedly considering offering clients access to), launching the cryptocurrency into the mainstream. Its growing popularity on a global scale appears to have forced Dimon to reassess his stance.

While he regrets his controversial statements, Dimon insisted that he is still uninterested in the cryptocurrency:

“…I just have a different opinion than other people. I'm not interested that much in the subject at all.”

He also added that the future of Bitcoin would depend on “what the governments are gonna feel about Bitcoin as it gets really big”.

In addition to softening his stance on Bitcoin, Dimon reaffirmed his faith in the technology behind digital currencies – he stated that “the blockchain is real”, and can even lead to “crypto yen and dollars”.

Regarding the matter of initial coin offerings, he claimed that they need to be looked at “individually”, in order to assess their value and legitimacy.