Dimon: I regret calling bitcoin a fraud

by Ben Pena January 10, 2018, 0:28
Dimon: I regret calling bitcoin a fraud

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". ICOs. you got to look at every one individually.

Dimon had called bitcoin a fraud at a bank investor conference in NY in September.

Since Dimon's initial comments, two large United States exchange groups have launched platforms on which investors can trade futures contracts in the cryptocurrency. Yet, soon after he opined that bitcoin buyers will "pay the price" if they are "stupid enough to buy it".

In October, Dimon said he was done talking about bitcoin following his controversial comment.

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

Dimon remained bullish on the prospects for continued growth, despite some Federal Reserve officials having gone on the record to caution that tax cuts and other measures could overheat the United States economy, leading to higher borrowing costs that might stymie growth.

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Despite such steadfastly sceptical attitude and Dimon's promise to fire anyone working for J.P. Morgan, who would be caught investing in Bitcoin, the bank didn't stop moving towards new technologies and considered allowing its clients to trade bitcoin futures. "I'm not interested that much in the subject at all".

He was speaking to USA television station Fox Business Network on Tuesday about comments that he made at a banking conference a year ago.

The digital currency's price soared 1,300% past year.

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

The price of bitcoin declined 1.4 percent to $14,760 Tuesday, according to data from industry website CoinDesk.

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