JP Morgan Chase CEO Says He Regrets Calling Bitcoin a Fraud

JP Morgan Chase CEO Says He Regrets Calling Bitcoin a Fraud

Dimon remained bullish on the prospects for continued growth, despite some Federal Reserve officials having gone on the record to caution that tax cuts and other measures could overheat the USA economy, leading to higher borrowing costs that might stymie growth.

The comment heard round the world seems to have been eating JP Morgan CEO Jamie Dimon. "I regret making" that comment, he said Tuesday on Fox Business.

Dimon's bank has since explored bitcoin futures trading and a blockchain-based payments system.

"You can have cryptodollars and yen and stuff like that", he said.

"We're going to consider a whole bunch of different things", he said, "but also around helping accelerate growth in America like small businesses, like branches, like affordable housing, things like that which I think have a double effect".

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"I'm not interested that much in the subject at all", Dimon added in the interview. ICOs. you got to look at every one individually.

After Dimon made his initial derogatory comments earlier previous year there was an internet backlash, including a Bitcoin company accusing him of market manipulation. He is unsure of how "governments are going to feel about bitcoin when it gets really big", a widely shared concern as the currency has gone up over 1,500 percent within the past year alone.

Blockchain technology eliminates any need for a third party intermediary by creating a permanent, open record of all transactions on a network. As a result a buyer and seller interact directly, while their exchange is recorded on the blockchain ledger. Royal Bank of Canada and Australia and New Zealand Banking Group are the bank's partners in the project, called the Interbank Information Network.

Bitcoin was down almost 2 percent at $14,786 in early trading on Tuesday. Although it remains volatile, its price has tripled since Dimon made his comments, and the cryptocurrency surged to an all-time high of around $20,000 last month.

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