JPMorgan’s Jamie Dimon Accepts Being Wrong When Called BTC a “Fraud”

JPMorgan’s Jamie Dimon Accepts Being Wrong When Called BTC a “Fraud”

The Chairman and CEO of the US largest bank JPMorgan Chase – Jamie Dimon – five months after calling bitcoin a “fraud” decided to take it back. In a conversation with Fox Business journalist, he personally admitted that repents labeling the most known cryptocurrency in the world that way. However, Dimon emphasized, he still is not into it very much.

Old Attitude

Just in September 2017, at the banking conference, Dimon did not sound pretty pally towards bitcoin. According to The Globe and Mail, JPMorgan’s Chief Executive, famous for being direct when making comments, back then questioned the BTC’s vitality.

Dimon claimed that bitcoin was not capable of functioning anymore.

“You can't have a business where people can invent a currency out of thin air and think that people who are buying it are really smart," also said Dimon.

Besides, he compared BTC craze to the bulbs of tulip, the hype over which in the Netherlands led to the economic bubble in the 1600s.

Not long after that the disputes, stirred over Dimon's words, fueled more zest in alternative currencies. In the meantime, one month after JPMorgan’s CEO’s comments, bitcoin soared up by 30%.

On the other hand, Marianne Lake, the Chief Financial Officer, at that time sounded more moderate about bitcoin. She emphasized that JPMorgan was unprejudiced towards the dormant use of crypto coins in the future but in case they are regulated duly.

Notwithstanding Domin’s scorning remarks, some exchanges and banks gladly accepted bitcoin, fomenting its skyrocketing in the mid-December, when one BTC unit was worth $20,000. For example, among those exchanges were such giants as Cboe Global Markets Inc and CME Group Inc as they opened themselves to bitcoin-based futures trading. Furthermore, Square Inc presented on its application an option, which allows purchasing and vending BTC.

Dimon Regretting Own Comments

On Tuesday, January 9, Dimon finally accepted being wrong blaming bitcoin for being a “scam”. He, just like Lake, admitted that bitcoin’s core – blockchain – is more than tangible. By the way, such a view has also been expressed by other representatives of the sphere, in particular, by John Gerspach at Citigroup Inc CFO.

“The blockchain is real. You can have crypto yen and dollars and stuff like that. ICO's you have to look at individually”, accepted Dimon.

JPMorgan’s CEO added that BTC is precisely what does not allow countries’ authorities to sleep well because of its fast-forwarding growth. However, said Dimon, he has distinct views, hence he is not interested in BTC.

Interestingly, Dimon’s recent comments were subsequent to bitcoin's January 8 slight crash. That day the currency experienced a drop to $14,363 per unit after being traded at $16,000-$17,000 between January 6-7, according to the CoinMarketCap.

At the end of 2017, after going through a severe correction on December 22, reaching the low of $12,000, bitcoin appeared to be in stagnation. The early 2018 period gave some positive signs of recovery. However, the coin started sweepingly going down after January 7. At the moment of writing bitcoin is being traded at about $13,700, experiencing another drop as it lost in price 9% within the past 24 hours.

Bitcoin Era Success Story: Teen Hits Jackpot With Crypto Trading
17-Year Old Hits The Jackpot With Cryptocurrency Trading Venture The news media has been swept up in a tornado with the latest news of a...
What Everyone Should Know About Tokenization
Blockchain tokenization is a means of digital representation of a right and can be done with the help of a ledger. This can be a right to asset...
Bitcoin’s Volatility? In 2017 BTC Was More Stable Than In Its Early Days
Despite some 30% crashes in 2017, bitcoin managed to increase by total 1,400% last year, conquering the world’s financial stage. Banks are becoming...
Stablecoin - Everything You Need to Know
What Is A Stablecoin? You must have heard of cryptocurrency which has been the recent talk of the town. Well, stablecoins are a form of...
Gold Pulls Bitcoin Investors From BTC, Says Van Eck Associates CEO
In 2017-2018 bitcoin bit gold as bait for investors. However, the situation is expected to change in 2019 as investors already hope more for the gold...
Crypto-Supporter Milne Said Bitcoin’s Only Ledger to Last 100 Years
As bitcoin continues trading approximately Twitter thread entrepreneur Alistair Milne forecasted that the upcoming cyber money bull will decide which...
Increased Supply of Altcoins Will Depress Bitcoin, Says St. Louis Fed Report
As it is known, crypto-supporters (bitcoin bulls) widely believe that the increase in the capped supply of all cyber-coins will boost bitcoin’s value...
BTC Market Cap Will Surpass $7 Trillion Gold Cap, Say Winklevoss
Recently, Tyler and Cameron Winklevoss, world-known entrepreneurs and early supporters of cryptos, have taken part in Reddit’s traded at $4,061 and...
Crypto-Community Celebrates Bitcoin’s 10th Birthday
This year’s January 3 marks a decade since the first bitcoin block was generated by Satoshi Nakamoto. Back then, in 2009, this person (or group of...
Best Bitcoin Memes in 2018: ‘Hodling’ and Crying
2018 has not been an easy year for bitcoin, not at all. Whereas it left 2017 at the price of $10,000, it started the new year in a pretty bullish...