Dimon: I regret calling bitcoin a fraud

11 January, 2018, 09:42 | Author: Pamela Mathis
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Jamie Dimon speaking at an event in 2016

Dimon now says he "regrets" calling bitcoin a fraud. He did not elaborate. In September, he had threatened to fire the traders who would dare to trade in bitcoins but now he seems to take a retreat from his statements. In a Tuesday interview with Fox Business, CEO Jamie Dimon argued that the emergent currency would actually be healthy for global financial markets. He said that initial coin offerings - a form of cryptocurrency fundraising used by many blockchain startups - had to be looked at "individually". He also has said an unregulated currency's prospects for survival are essentially zero, as governments would be unlikely to tolerate one. "I regret making them", said Dimon, but added that he is still concerned about how "governments are going to feel about bitcoin when it gets really big".

In October, JPMorgan CFO Marianne Lake said the bank was "very open-minded" to digital currencies that were properly regulated.

But Bitcoin was unmoved by the admission and was trading lower by 4.2% at $14,330.10, according to prices listed by Coindesk yesterday afternoon. In addition, reputable exchanges CME and CBOE have released Bitcoin futures products (which JPMorgan was reportedly considering offering clients access to), launching the cryptocurrency into the mainstream.

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Dimon said that he was considering more how the new tax code would affect his company in the long term. Long Blockchain still maintains a business that sells drinks. He expects the blockchain to outlast the digital currency Bitcoin, it supports. Read this feature about Bitcoin risks and potential gains.

Recently, the bitcoin had surged to trade above $16,000 after the reports surfaced that PayPal co-founder Peter Thiel's Founders Fund had made massive bets on bitcoins in the early a year ago.

Even Kodak has announced its plan to install the bitcoin mining rigs at its headquarters in Rochester, New York besides its plan to roll out its own version of bitcoin called KODAKcoin.

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