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Jamie Dimon regrets calling bitcoin a 'fraud'

Jamie Dimon is having second thoughts about bitcoin.For months, the JPMorgan Chase CEO was one of bitcoin's mo...

Posted: Jan 9, 2018 1:37 PM
Updated: Jan 9, 2018 1:37 PM

Jamie Dimon is having second thoughts about bitcoin.

For months, the JPMorgan Chase CEO was one of bitcoin's most vocal high-profile critics. He called the digital currency a "fraud", predicted that governments would "crush it" and even threatened to fire any of his bankers if they traded it.

"If you're stupid enough to buy it, you'll pay the price for it one day," he said in October.

That was just one of many critical comments about bitcoin, "which I regret making," Dimon said during an interview with Fox Business on Tuesday.

In the interview, he said blockchain -- the technology that underpins bitcoin -- is "real" and said it is important to look at cryptocurrency offerings individually.

"You can have cryptodollars and yen and stuff like that," he said.

JPMorgan did not respond to a request for comment.

Related: Bitcoin is too hot for criminals

Some fans of the cryptocurrency saw Dimon's comments as vindication, and poked fun at him for changing his tune as the price of bitcoin went up.

"Shorter Dimon -- 'I called Bitcoin a fraud before I knew how much money we could make trading it,'" Michael Shea tweeted.

The digital currency's price soared 1,300% last year. It started 2017 trading at less than $1,000 and topped $19,000 in December.

However, Dimon made clear he was not going to become a cheerleader for bitcoin any time soon.

"I'm not interested that much in the subject at all," he said.

More mainstream investors are exploring bitcoin after several exchanges started listing futures late last year. But the cryptocurrency remains extremely volatile, routinely moving up and down by over $1,000 within hours.

It was trading at $14,700 on Tuesday.

-- Daniel Shane contributed to this article.

Mississippi Coronavirus Cases

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CountyCasesDeaths
DeSoto17928195
Hinds17030337
Harrison14510212
Rankin11315223
Jackson11054193
Lee9109147
Madison8663171
Jones6853120
Forrest6260125
Lauderdale6161196
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Lafayette5269101
Lamar508765
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Union360165
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Tate281862
Alcorn274055
Pike272984
Itawamba271263
Scott264055
Yazoo258456
Prentiss255454
Coahoma252455
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Jasper183138
Holmes172568
Clay168637
Tallahatchie158035
Stone153625
Clarke148762
Calhoun142022
Smith131926
Yalobusha124935
Walthall115438
Greene114929
Noxubee114526
Montgomery112936
Lawrence107917
Carroll106922
Perry105931
Amite102727
Webster98024
Claiborne90125
Tunica89621
Jefferson Davis89330
Benton86923
Humphreys85625
Kemper81220
Quitman7169
Franklin71017
Choctaw64013
Wilkinson60125
Jefferson57321
Sharkey45717
Issaquena1616
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Alabama Coronavirus Cases

Cases: 445909

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CountyCasesDeaths
Jefferson651891049
Mobile32138590
Madison28596223
Tuscaloosa21703276
Montgomery20220336
Shelby19584138
Baldwin17496216
Lee13378109
Morgan12741145
Etowah12196189
Calhoun11626228
Marshall10513126
Houston9097168
Limestone842481
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Elmore8283112
Lauderdale7986112
DeKalb7935112
St. Clair7915139
Talladega6552112
Walker6068184
Jackson605649
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Blount551794
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Coffee470569
Dale415186
Franklin378150
Russell362816
Chilton348079
Covington344681
Escambia342244
Tallapoosa3184109
Dallas314197
Chambers308575
Clarke307339
Pike267735
Lawrence256958
Marion255763
Winston235243
Bibb224751
Geneva214747
Marengo212031
Pickens201831
Barbour188240
Hale187444
Fayette181230
Butler175960
Cherokee167433
Henry161325
Monroe153521
Randolph148236
Washington144027
Clay131050
Crenshaw126245
Macon124337
Cleburne123627
Lamar121324
Lowndes117636
Wilcox109422
Bullock105829
Perry100518
Conecuh98222
Sumter90828
Greene78323
Coosa64619
Choctaw52224
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