JPMorgan chief regrets calling bitcoin a 'fraud'

He had called bitcoin a fraud at a bank investor conference in New York in September

Reuters January 09, 2018
Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co. speaks during the Milken Institute Global Conference in Beverly Hills, California, US, May 1, 2017. PHOTO: REUTERS

JPMorgan Chief Executive Jamie Dimon regrets calling bitcoin a ‘fraud’ but added that he still is not interested in the cryptocurrency at all, he said in an interview on Fox Business on Tuesday.

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Dimon had called bitcoin a fraud at a bank investor conference in New York in September. “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,” he had said.

Several banks, exchange operators and companies have embraced bitcoins, fuelled by increasing consumer and investor interest.

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Bitcoin was down nearly 2 per cent at $14,786 in early trading on Tuesday. It traded at $909 a year ago and breached $19,000 in December.

Dimon made the comments at the JPMorgan Health Care Conference in San Francisco.

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