JP Morgan Chase CEO Says He Regrets Calling Bitcoin a Fraud

Bitcoin

Dimon: I regret calling bitcoin a fraud

If we had a trader who traded bitcoin I'd fire him in a second for two reasons.

For months, the JPMorgan Chase CEO was one of bitcoin's most vocal high-profile critics.

Since Dimon's initial comments, two large United States exchange groups have launched platforms on which investors can trade futures contracts in the cryptocurrency.

Regarding those comments now - he says "I regret making them" in an interview on Fox Business.

"The blockchain is real", Dimon said. You can have crypto Dollars and Yen and stuff like that.

JPMorgan did not respond to a request for comment.

After Dimon made his initial derogatory comments earlier past year there was an internet backlash, including a Bitcoin company accusing him of market manipulation. Although he was not the only one to criticize the cryptocurrency, all the other negative comments, as, for instance, Ray Dalio's calling bitcoin a "bubble", were much less aggressive.

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On Monday, South Korean financial services regulators have launched a probe into six retail banks that were offering virtual accounts to cryptocurrency exchanges, on concerns if digital currencies are being used for money laundering.

Mr Dimon has always been an ardent critic of bitcoin, having previously called it "worse than tulips bulbs", referring to the Dutch Tulip craze of the 1600s which is widely seen as the world's first speculative bubble.

He added that he is "not interested in the subject at all", despite the fact he has consistently made public comments about bitcoin.

More mainstream investors are exploring bitcoin after several exchanges started listing futures late a year ago.

It was trading at $14,700 on Tuesday. But the cryptocurrency remains extremely volatile, routinely moving up and down by over $1,000 within hours.

- Daniel Shane contributed to this article.

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