One of the world’s top financiers, JP Morgan Chase CEO Jamie Dimon, has said he regrets calling Bitcoin a “fraud” that “won’t end well”.
Dimon has also called digital currency investors “stupid”. “If you're stupid enough to buy it, you'll pay the price for it one day,” he said in October at an Institute of International Finance meeting.
But in a new interview he has praised blockchain – the underlying ‘distributed ledger’ cloud technology behind cryptocurrencies – and said he regrets making his earlier comments.
‘Blockchain is real’
“The blockchain is real,” Dimon said in an interview with CNBC.
“You can have cryptodollars in yen and stuff like that. ICOs ... you got to look at every one individually.
“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.”
JP Morgan Chase announced late in 2017 that it was working to introduce blockchain technology in a project with the Royal Bank of Canada and the Australia and New Zealand Banking Group.
Bitcoin was trading at around $14,543 on late Tuesday afternoon (GMT), up from $14,185 at 2pm after falling from a morning high of $15,261. However it is still 25% down from an all time high of $19,343 on 16 December.