JP Morgan Chase CEO Jamie Dimon Wary Of Bitcoin But Says He Was Wrong for Calling It A Fraud

Jamie Dimon Wary of Bitcoin

Last year, Jamie Dimon, who is the current CEO of JPMorgan Chase (NYSE:JPM), disclosed that he was not on board with the hype surrounding the cryptocurrency market, going as far as saying that he will fire any trader involved in trading digital currencies. However, all of that changed on Tuesday, January 9.

What Happened?

On Tuesday, Jamie Dimon gave an interview with Fox Business in which he stated that even though he is still skeptical of Bitcoin, he regrets labeling it as a “fraud.”

For those who don’t know, Dimon has been CEO and President of JPMorgan since 2005.

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Considering bitcoin was immensely popular throughout 2017, Dimon received a considerable amount of backlash after he made the “bitcoin is a fraud” comment back in September of 2017. Then, in October, just to spite those calling him out for his opinion, Dimon came forward and that he was not going to talk about the virtual currency anymore. That did not last long, however, as he was soon reported as saying that anyone who invests in bitcoin will eventually “pay the price.”

Now Dimon might come across as a little pessimistic when it comes to cryptocurrency, but he has been known for giving praise to blockchain technology, which is essentially the mastermind of bitcoin.

It seems Jamie Dimon is not the only person who feels this way; it seems anyone who is wary of bitcoin has no problem admitting that blockchain, on the other hand, is not a fraud. He told Fox Business on Tuesday that blockchain technology “is real.”

The Takeaway

As we move further into 2018, it will be interesting to see if Dimon makes any more changes regarding his opinion on the cryptocurrency market.

What do you think? Do you think it’s true that bitcoin might not be a fraud, but one should still try to stay away from getting heavily involved in the sector? Let me know!

Featured Image: twitter

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