JP Morgan's Dimon regrets calling bitcoin a 'fraud'


Jamie Dimon is having second thoughts about bitcoin.

CEO and Chairman of JPMorgan Chase Jamie Dimon has said he regrets criticizing bitcoin and calling the popular cryptocurrency a fraud in the past, but remains uninterested in digital currencies.

However, he distanced himself from those comments today in an interview with United States television station Fox, saying: "I regret making them". "You can have cryptodollars in yen and stuff like that".

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In September, Dimon denounced the bitcoin cryptocurrency as a fraud, and said it was bound to fail. The 61-year-old CEO said Tuesday he's still not very interested in the subject, and thinks that government intervention may eventually hamper bitcoin's growth and acceptance.

"... I just have a different opinion than other people".

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".

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Dimon and Lake, however, have commended blockchain - the technology used by bitcoin and other digital currencies - a view echoed by Citigroup Inc CFO John Gerspach and many others across the industry. Experts have said blockchain technology could reshape the global financial system and JPMorgan is testing potential use cases of the technology. ICOs"-initial coin offerings-"you got to look at every one individually".

JP Morgan staff have proved capable of releasing a more nuanced analysis of Bitcoin, especially in light of the recent approval of Bitcoin futures trading on the CME and CBOE exchanges, where they identified Bitcoin's position as an emerging asset class comparable to gold as a store of value.

The value of bitcoin, which was up by more than 1,500 percent in the past 12 months, declined by nearly 4 percent on Tuesday to $14,432.

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