Jamie Dimon Holds Regret in Calling Bitcoin a “Fraud”, Trusts Blockchain

Well, if you don’t know Jamie Dimon, let me tell you he is the boss of JP Morgan bank who made Bitcoin famous by calling it a “fraud”. Well, this might sound a bit weird, but it’s true! Last year in September 2017, Jamie Dimon sparked off the row by calling Bitcoin a “fraud” and its investors as “stupid”. He said: "If you're stupid enough to buy it, you'll pay the price for it one day.”

After his comment, Jamie Dimon received a lot of criticism from the crypto-enthusiasts and especially when Bitcoin later managed to surge more than 300-400 percent from that time, before the end of the year.

Well, now that the tables have turned against his expectations, Jamie Dimon has reportedly changed his stance about Bitcoin and says that he regrets referring the cryptocurrency as a “fraud”. During an exclusive interview with Fox Business on Tuesday, at the JPMorgan Health Care Conference in San Francisco, Dimon said that he regrets his earlier stand about Bitcoin but is still not interested that much in the subject at all.”

Dimon made an ambiguous comment during the interview stating that his stand was in accordance with the government’s relationship to Bitcoin. Dimon said: “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.”

Dimon’s comments are a bit unclear by what exactly he means by this, however referring to his earlier stand on this thing it could probably mean that eventually cryptocurrency would be completely controlled by the government.

Back in 2015, while talking about a decentralized economy of cryptocurrencies, Dimon said: “It’s just not gonna happen, you’re wasting your time. This is my personal opinion. There will be no real non-controlled currency in the world. There’s no government that’s gonna put up with it for long.”

While Dimon is not positive about the forte of virtual digital currencies, he is still optimistic about the blockchain technology. Simon said:“The blockchain is real. You can have cryptodollars in yen and stuff like that. ICOs ... you got to look at every one individually.”

Even huge institutional banks, globally, have started recognizing the potential of blockchain technology and how it can make fund transfers across the globe at a much faster speed with more security in comparison to the existing system. It won’t be a surprise if a majority of the banks start adopting blockchain solution by this year-end.