Published: Thu, January 11, 2018
Industry | By Dora Warner

Jamie Dimon Regrets Dismissing Bitcoin as a "Fraud"

Jamie Dimon Regrets Dismissing Bitcoin as a

JPMorgan Chase CEO Jamie Dimon has walked back his criticism of bitcoin and said it's underlying technology could be useful for financial markets.

"The blockchain is real", Dimon said Tuesday, referring to the distributed ledger technology that underpins bitcoin and other cryptocurrencies. You can have cryptodollars in yen and stuff like that. The CEO is one of the most respected on Wall Street and the comments have been the bane of the cryptocurrency for some time.

"I just have a different opinion than other people".

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But Dimon wasn't all cheer about Bitcoin, and also added he worries about how "governments are going to feel about bitcoin when it gets really big".

Regarding the matter of initial coin offerings, he claimed that they need to be looked at "individually", in order to assess their value and legitimacy.

Moreover, J.P. Morgan Chase Chief Executive spoke about Silicon Valley's startups as new rivals that are "looking to compete with banks".

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Two companies - Rafferty Asset Management and Exchange Traded Concepts - have canceled plans to launch three Bitcoin exchange traded funds, according to Reuters, after the SEC "expressed concerns regarding the liquidity and valuation" of futures contracts tied to the currency. 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 India, a bitcoin can be bought for Rs 10.77 lakh and be sold for Rs 10.12 lakh on Bengaluru-based Unocoin, a bitcoin trading platform. And now, when the most vigorous critic has publicly changed his mind, it's another demonstration of the technology's worthiness.

Some influential names in finance, Dimon among them, have been concerned that concentrating all transactions into the single database of the blockchain makes cryptocurrency vulnerable to hacking and fraud. Royal Bank of Canada and Australia and New Zealand Banking Group are the bank's partners in the project, called the Interbank Information Network.

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