JPMorgan CEO Jamie Dimon: “The blockchain is real,” regrets calling Bitcoin a fraud

JPMorgan Chase Chairman & CEO Jamie Dimon, a known critic of Bitcoin, is backpedaling a bit on his earlier criticisms on cryptocurrencies. In an exclusive interview with FOX Business’ Maria Bartiromo, Dimon said Tuesday he regrets past comments in which he called Bitcoin a fraud at a September banking conference.

“The blockchain is real,” Dimon said in the interview. “You can have cryptodollars in yen and stuff like that. ICOs … you got to look at every one individually. The bitcoin was always to me what the governments are going to feel about bitcoin when it gets really big. And I just have a different opinion than other people.”

Back in 2017 at a gathering of investors hosted by Barclays in New York, Dimon referred to bitcoin as a “fraud” and told a group of professional investors what would happen to JPMorgan traders taking bitcoin action: “I’d fire them in a second. For two reasons: it’s against our rules, and they’re stupid. And both are dangerous.” At the time, Dimon said that he would fire any JPMorgan traders if they traded in the cryptocurrency. Also, in response to a moderator question at an Institute of International Finance conference, Dimon said: “If you’re stupid enough to buy it, you’ll pay the price for it one day.”

Even though Dimon may still not be sold on Bitcoin, he however maintained a positive stance on blockchain, the underlying technology behind Bitcoin. In October 2017, J.P. Morgan Chase in partnership with Royal Bank of Canada and Australia and New Zealand Banking Group, announced  the launch of a blockchain-based payments network called the Interbank Information Network that will allow payments to reach beneficiaries faster with fewer steps, provides better security and reducing transaction times “from weeks to hours.”

You can watch Dimon’s interview with FOX Business here:

.@jpmorgan CEO Jamie Dimon regrets saying Bitcoin is a 'fraud,' but still isn't interested in it: “The blockchain is real. You can have crypto yen and dollars and stuff like that. ICO's you have to look at individually” https://t.co/Qoh1uycw2o pic.twitter.com/dUUbPfxeac

— FOX Business (@FoxBusiness) January 14, 2018