Cryptocurrency

Jamie Dimon regrets calling Bitcoin a Fraud

Avatar Written by Basit Anwar · 51 sec read>

J.P. Morgan Chase Chairman and CEO Jamie Dimon has reconsidered his prior statements on cryptocurrency.

Earlier in September, Dimon called bitcoin a “fraud”. He predicted that the government would “crush” the digital currency and even he would fire his own workers on the spot if they were involved in the trading of bitcoins as it is “stupid” and “will blow up”. Jamie had given very blunt statements.

The currency isn’t going to work. 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,” Dimon said that at the bank investor conference in NewYork.

After those statements, Jamie had to face criticism on his statements and now, it seems like Jamie is repenting on the things he once said about the digital currency. Dimon said to the US media that he regrets making those statements but still he is not interested in the cryptocurrency.

He admitted that the blockchain is real. “You can have crypto yen and dollars and stuff like that. ICO’s you have to look at individually” he said

Despite the criticism of billionaire Jamie Dimon, several banks and companies embraced the bitcoin due to an impressive rise in the cryptocurrency adoption.

Bitcoin is nearly down 6% at $13,410 today. It just has reached a high of $19,000 in December of 2017. All the alt-currencies are setting their foots strong.

Image Source: WSJ